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For the first time in over three years, ethereum (eth) has reached the important price milestone of $4,100. This level has proven to be a key resistance point for investors, especially as the leading altcoin struggled to break above it during the bullish momentum experienced in the first quarter of this year.
Ready for a rally if the resistance between $4,000 and $4,100 is broken?
The renewed bullish sentiment among crypto investors has led analysts to forecast possible new all-time highs for ethereum, surpassing its previous one. record of $4,878, set in November 2021.
For example, crypto analyst Justin Bennett noted on social media platform
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However, the analyst <a target="_blank" href="https://x.com/JustinBennettFX/status/1868718659624964315″ target=”_blank” rel=”nofollow”>emphasized that if eth price can successfully navigate the critical $4,000 to $4,100 range in the near term, it could pave the way for a rally back to its all-time high zone, with the potential to reach mid-$5,000 levels, completing thus the current upward trend. Channel for the altcoin.
Bennet also suggested that now is the opportune time for the eth price to aim for a new all-time high, as he believes the altcoin could see “some of those bitcoin (btc) gains” flow into the ethereum market soon.
Will ethereum price reach $15,937 in May 2025?
Adding to this bullish outlook, market expert VentureFounder further shared <a target="_blank" href="https://x.com/venturefounder/status/1868737524950262160″ target=”_blank” rel=”nofollow”>optimistic predictionsanticipating extended bullish momentum for eth over the next seven months and projecting it to reach a new all-time high of $15,937 by May 2025.
VentureFounder related this forecast to historical patterns, noting that the first quarter following bitcoin halving events typically initiates a rally toward new all-time highs. He further indicated that ethereum often enjoys a year of strong performance following such halving events, the last of which occurred in April of this year.
This year has already seen important similarities with the past for both bitcoin and ethereum. Before the bitcoin halving, the cryptocurrency saw a substantial rally, driven in part by the approval of spot bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
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At that time, the price of bitcoin hit a new all-time high just above $70,000 in March, and has since risen more than 50% to a new record high of $107,000, despite challenges in the second and third quarters. . price action.
ethereum also saw significant growth, posting its strongest first quarter in over three years, going from $2,260 in February to nearly 100% in just 30 days. However, it remained below the $4,100 threshold until recently, in line with bitcoin's rising trajectory.
Overall, VentureFounder's analysis, coupled with ethereum and bitcoin's price movements this year, provides a solid basis to believe that eth may be poised for significant rallies in the coming months if expert projections and past patterns hold true. they maintain.
At the time of writing, eth is attempting to consolidate around $4,014. This level will be crucial in determining whether further bullish momentum will occur in the coming days or whether additional tests of price support They are on the horizon.
Featured image of DALL-E, chart from TradingView.com
