Ethereum (ETH) has just bounced off the same ceiling for the fourth time, and while a lot of people are saying it is the end of the rally, Galaxy Digital’s Mike Novogratz is not convinced. In a rare price outlook, Novogratz suggested that ETH may not be ready to crash just yet. In fact, it might be setting up for a breakout that takes it firmly past $4,000 before the end of 2025.
The commentary followed a chart that has been doing the rounds, and some are calling it a “quadruple top” — a bearish formation, as explained in textbooks, where repeated rejections near the same level eventually lead to a breakdown.
But there is a reason why most traders only talk about double or triple tops: the fourth touch does not tend to play by the same rules. It is easy to mistake exhaustion for something else, but if the resistance finally gives way, it can turn into a game-changing move.
I’ve been trading along time and haven’t heard the “quadruple top” formation as bearish. Usually we correct some and then take out the top for the next leg up. 3k-4k is now the range for a while. But my instinct is it will be 4k that goes by the end of the year. Not 3k. https://t.co/PFz7d3kbCS
— Mike Novogratz (@novogratz) August 1, 2025
Right now, ETH is stuck somewhere between $3,200 and $4,000 — not too close, but not far from its all-time high either. Ethereum has been absorbing sellers in this range for months, and each time it has gone back to the top, it has hit higher lows and recovered faster.
Mike Novogratz says that ETH might be tightening up before we see some big changes. So, if the price goes above $4,000, not many people will be surprised.
In a market that is still figuring out its next narrative, ETH may not be done making headlines — especially if $4,000 finally becomes support, not resistance.
