Bitcoin Effect on Ethereum
On December 5th, 2024, Ethereum (ETH) reached an impressive intraday high around $3,950, signaling a potential rally as Bitcoin (BTC) recently surpassed $100,000 for the first time in history. With this milestone, many crypto enthusiasts are turning their attention to Ethereum, wondering if it can reach its intra-year high of $4,088 once again—and possibly even surpass its all-time high (ATH) of $4,892. Focusing on the main resistance level, the $4k mark is like $100k for Bitcoin which now hovers around $102k.
As the crypto market continues to evolve, what are the chances for Ethereum to not only regain momentum but also record a new ATH? This article explores Ethereum’s price potential, the factors influencing its trajectory, and expert insights on whether ETH can break its previous records.
By TradingView – ETHUSD_2024-12-05 (All)
A new Intra-Year High for Ethereum after ETH reaches $4K?
Ethereum’s recent performance suggests it could once again challenge its intra-year high of $4,088, last seen earlier this year. Ethereum’s price has been resilient, reaching $3,940 as of today, with analysts noting that Bitcoin’s rally could boost altcoins like Ethereum.
The correlation between Bitcoin’s and Ethereum’s prices has been a common trend in the crypto market. Bitcoin’s surge often sparks investor interest across the market, including altcoins. Given this dynamic, Ethereum’s potential to surpass its intra-year high is significant, especially with the current surge in market activity and institutional involvement in Ethereum.
According to analysts at FXStreet, Ethereum’s price could reach its all-time high resistance levels of $4,868, which could act as a stepping stone for further price appreciation. Increased investor confidence, bolstered by Bitcoin’s performance, makes Ethereum a likely candidate to test higher price levels in the near future.
By TradingView – ETHUSD_2024-12-05 (1D)
Will ETH reach a new ATH this December?
Ethereum’s all-time high was recorded in November 2021 at $4,892. While the market has seen considerable fluctuations since then, the current crypto environment is full of opportunities that could push Ethereum past this previous record.
As of December 2024, Ethereum’s highest intraday price reached $3,940, which is close to its intra-year high of $4,088. This recent momentum, along with Bitcoin’s performance, is fueling expectations that Ethereum could challenge its all-time high in the coming months. Some analysts are even suggesting that Ethereum’s price could soar well beyond $5,000, potentially reaching $10,000 in the next bull run, particularly if Ethereum continues to gain institutional adoption and approval for Ethereum ETFs.
Ethereum Price Prediction: New Intra-Year High over $4088 or New ATH?
Several crypto experts and analysts are optimistic about Ethereum’s future price trajectory, with some forecasting that it could surpass its previous ATH of $4,892 and even approach $10,000. This forecast is based on several key factors:
- Bitcoin’s Influence: Bitcoin’s significant rally, surpassing $100K, is expected to trigger a ripple effect across the entire crypto market. Ethereum, as the second-largest cryptocurrency by market capitalization, often mirrors Bitcoin’s performance.
- Institutional Adoption: Analysts at MarketWatch highlight that increased institutional involvement in Ethereum, coupled with favorable regulatory developments, could drive Ethereum’s price higher. Ethereum’s role in decentralized finance (DeFi) and its growing use in blockchain technology are key drivers of this demand.
- Upcoming Developments: Ethereum’s transition to Ethereum 2.0 and its increasing role in blockchain applications contribute to its bullish outlook. With Ethereum 2.0’s improvements in scalability and energy efficiency, the blockchain is becoming even more attractive to developers and investors alike.
By TradingView – ETHUSD_2024-12-05 (YTD)
Ethereum’s journey towards its intra-year high of $4,088 and possibly surpassing its all-time high of $4,892 looks increasingly probable given the current market trends. Bitcoin’s recent surge above $100,000 is a strong signal for Ethereum’s potential to rise, with experts projecting that the Ethereum price could test higher resistance levels in the near future.
With institutional adoption, Ethereum 2.0’s developments, and broader market support, the conditions are ripe for Ethereum to continue its upward trajectory. Whether it can break its previous all-time high will depend on several factors, but Ethereum’s future in the crypto space remains bright.