Here is Why Ethereum Could Soon Hit a New All-Time High

Ethereum appears to be gaining momentum after weeks of trailing Bitcoin’s impressive performance.

Starting the week with sluggish movement, the leading altcoin has managed to climb back above $4,000, a level it hasn’t seen since March. However, maintaining this milestone has proven challenging over the weekend.

A prominent analyst, Ali Martinez, shared insights that suggest Ethereum may be on track to revisit its previous all-time high of $4,878 and possibly set a new record. Using data from IntoTheBlock, Martinez highlights that Ethereum faces minimal resistance on its path upward, with the next significant hurdle around the $4,540 range.

There is nothing preventing #Ethereum $ETH from reaching new all-time highs. The only modest resistance zone ahead is around $4,540. But as long as the $3,560 demand zone holds, the odds favor the bulls! pic.twitter.com/rggCAWOCA9

— Ali (@ali_charts) December 7, 2024

Over 608,960 addresses are estimated to have purchased 668,980 ETH in this zone, making it the most notable resistance level ahead.

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On the support side, Ethereum seems well-backed between $3,514 and $3,634, where 3.4 million wallets acquired approximately 5.1 million tokens, forming a robust demand zone. Martinez remains optimistic about Ethereum’s bullish outlook, provided it holds above this critical range.

Currently, Ethereum’s price hovers near the $4,000 mark, showing a 2% dip in the last 24 hours but boasting a 10% gain over the past week. While it battles to stabilize above $4,000, the broader market sentiment suggests that Ethereum could be poised for a significant breakout.

Alexander Zdravkov