Ethereum just surpassed the $3,800 level as Bitcoin recorded a new all-time high of over $69,000.
ETH could climb back to its all-time high
But it’s conceivable that ETH could continue to rip higher from here and even reach the $4,800 high it recorded in November of 2021 because the bulls seem to be playing the long game here.
That would suggest another 25% upside from here.
Ethereum is trading well above the 50% Fibonacci retracement at writing – and even though it is massively overbought, the Awesome Oscillator (AO) continues to show huge green bars suggesting continued volume that could push ETH further up in the coming days.
It is also worth mentioning that technicals now suggest a resistance at $3,600 level which means the recent move up is likely sustainable. Longer-term, ETH may be able to benefit from a Spot Ethereum ETF that Michael Sonnenshein – the chief executive of Grayscale sees as a “matter of when, not a matter of if”.
Watch here: https://www.youtube.com/embed/YGdoLME5-1w?feature=oembed
BTC strength tends to reflect in Ethereum
Note that Ethereum tends to move in tandem with Bitcoin that just printed a new all-time high.
So, if Bitcoin continues to rally on the back of institutional capital flowing into the recently approved exchange-traded funds and the upcoming halving event, it is conceivable that ETH will mimic its move up as well.
In fact, the likes of influential investor Cathie Wood sees the world’s largest cryptocurrency by market cap (BTC) at over $1.0 million by 2027.
Even if Bitcoin delivers just half of what she’s forecast in the coming years, the price Ethereum could soar much higher from here.
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