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.

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.