Ethereum – "The King of Altcoin" – is approaching the historical peak (ATH) of 2021, raising hopes for a new price discovery phase. However, analysts warn that the price performance this week will be crucial for the next direction of ETH.
🚀 Ethereum Conquers the Final Resistance Area
In the past week, Ethereum had an impressive breakout, rising nearly 30% to a multi-year high of $4,750 on Wednesday afternoon, just 3.3% away from the ATH of $4,848 on November 19, 2021.
Since the adjustment at the beginning of the month, ETH has recovered 40%, breaking through the local sideways price range and reclaiming the important psychological level of $4,000 last Friday. The upward momentum continues to help ETH surpass the range of $4,400 – $4,500 on Tuesday and is currently fluctuating around $4,600 – $4,750, continuously challenging the "final boss" – the resistance area of $4,800.
📊 Technical Analysis Perspective
Analyst Rekt Capital stated that ETH has broken through years of resistance and turned it into support after the retest at the beginning of the month, helping the price move towards the Macro Range $3,762 – $4,631, a stepping stone for new highs.
However, during the 2021 cycle, ETH briefly surpassed the resistance of $4,631 for 3 consecutive weeks but could not hold it, being rejected at ATH and then dropping by as much as 80%.
This makes the way ETH reacts to the $4,631 mark in the coming days a critical factor. If it closes the weekly candle above the Macro Range breakout area, ETH will have the opportunity to "reverse history" and aim for a new ATH.
⚠️ Scenario If Rejected
Positive signal: Holding $4,630 on the first attempt will be a strong indicator. Risk: Often, the price is still rejected, but the drop may be lighter. If it fails, ETH could drop 18% to the Macro Range bottom of $3,762, while also filling the newly formed CME Gap at $4,091 – $4,261.
🎯 Price Discovery – Price Discovery
If ETH turns $4,800 into solid support, according to analyst Ali Martinez, the price could enter a price discovery phase and rise to:
$5,200$6,400
based on the MVRV Extreme Deviation Pricing Bands indicator.
Currently, ETH is trading at $4,748, up 56% in the 1-month time frame – a rise that indicates strong capital inflow returning to the "king" of the altcoin market.
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Ethereum Approaches Historical Peak – This Week Will Decide the "Price Exploration Race"
Ethereum – "The King of Altcoin" – is approaching the historical peak (ATH) of 2021, raising hopes for a new price discovery phase. However, analysts warn that the price performance this week will be crucial for the next direction of ETH. 🚀 Ethereum Conquers the Final Resistance Area In the past week, Ethereum had an impressive breakout, rising nearly 30% to a multi-year high of $4,750 on Wednesday afternoon, just 3.3% away from the ATH of $4,848 on November 19, 2021. Since the adjustment at the beginning of the month, ETH has recovered 40%, breaking through the local sideways price range and reclaiming the important psychological level of $4,000 last Friday. The upward momentum continues to help ETH surpass the range of $4,400 – $4,500 on Tuesday and is currently fluctuating around $4,600 – $4,750, continuously challenging the "final boss" – the resistance area of $4,800. 📊 Technical Analysis Perspective Analyst Rekt Capital stated that ETH has broken through years of resistance and turned it into support after the retest at the beginning of the month, helping the price move towards the Macro Range $3,762 – $4,631, a stepping stone for new highs.
However, during the 2021 cycle, ETH briefly surpassed the resistance of $4,631 for 3 consecutive weeks but could not hold it, being rejected at ATH and then dropping by as much as 80%. This makes the way ETH reacts to the $4,631 mark in the coming days a critical factor. If it closes the weekly candle above the Macro Range breakout area, ETH will have the opportunity to "reverse history" and aim for a new ATH. ⚠️ Scenario If Rejected Positive signal: Holding $4,630 on the first attempt will be a strong indicator. Risk: Often, the price is still rejected, but the drop may be lighter. If it fails, ETH could drop 18% to the Macro Range bottom of $3,762, while also filling the newly formed CME Gap at $4,091 – $4,261. 🎯 Price Discovery – Price Discovery If ETH turns $4,800 into solid support, according to analyst Ali Martinez, the price could enter a price discovery phase and rise to: $5,200$6,400 based on the MVRV Extreme Deviation Pricing Bands indicator. Currently, ETH is trading at $4,748, up 56% in the 1-month time frame – a rise that indicates strong capital inflow returning to the "king" of the altcoin market.