Ethereum has demonstrated significant price momentum in recent weeks, maintaining a robust position above the $2,700 mark. Its performance has notably outpaced other major cryptocurrencies, including Bitcoin. According to a crypto analyst, the current bullish trend has the potential to sustain and extend, potentially leading to new record highs in the coming year. In particular, establishing the $4,000 level as a strong support point would represent a critical milestone for Ethereum’s upward trajectory.
The analyst known as “Venture Founder,” basing insights on monthly chart patterns, highlighted a long-term ascending channel originating in 2017 that supports the expectation of price appreciation over several years. Complementing this view, the MACD indicator is also signaling positive momentum. A monthly close above $2,500 by the end of May would be a bullish indicator for investors, suggesting the likelihood of a further price increase. Following this, Ethereum is projected to accelerate towards the $4,000 threshold. Should Ethereum successfully convert this resistance level into support by the third quarter, a breakthrough to a new all-time high near $10,000 by 2026 appears feasible. Conversely, failure to secure this support could result in volatile price fluctuations between $1,400 and $4,000.
Additionally, crypto expert Merlin the Trader has forecasted a substantial surge in Ethereum’s value, drawing parallels to Bitcoin’s previous growth pattern. Merlin noted that during the last cycle, Bitcoin and Ethereum experienced gains of approximately 540% and 234%, respectively. With Bitcoin’s recent bullish revival, a significant upward move in Ethereum is anticipated, potentially surpassing $14,000 by 2026.
Collectively, these analyses underscore a strong and optimistic outlook for Ethereum’s price trajectory, contingent upon its ability to maintain key support levels and favorable technical indicators going forward.
Source: bitcoinist
