|

Ethereum breaks out of bullish pennant, targets new all-time high at $5,000

  • Ethereum price lost 14% of its market value in turmoil on Friday.
  • ETH price is on the path to recovery with a bullish break out of the pennant. 
  • Expect a rally to emerge as tailwinds attribute to new all-time highs.

Ethereum (ETH) looks to be back on track to  new highs, following Friday’s speed bump as global markets pushed all risk assets to the downside. Over the weekend, investors  reassessed the situation and bought the dip in several cryptocurrencies, including Ethereum. Expect a quick retake of the uptrend, brushing off  Friday’s correction, and look for new all-time highs by the end of this week.

Ethereum price will hit $5,000 by the end of this week

Ethereum price saw bulls pushed out of their positions, and their stops runat $4,060. The monthly pivot stopped bears short in their tracks, however, and ETH made no further lows. Instead, investors saw tremendous buy opportunities and began accumulating  several cryptocurrencies, rebooting the overall uptrend.

ETH price is now seeing a lift in buy-side momentum with a knee jerk reaction of the Relative Strength Index (RSI) to back above 50. Bulls are currently looking to retest $4,465, a short-term resistance level that once unlocked, opens the door towards $4,646. Expect this level not to give way easily, however, as bears have the advantage of both the historical level and the red descending trend line to set up their defenses.

ETH/USD daily chart

ETH/USD daily chart

As current tailwinds continue to gather strength and momentum, expect ETH price to push through $4,465 in the coming days. This will trigger bears to take their losses and see buy-side demand pick up even further momentum, resulting in a quick spike towards $5,000.00, and new all-time highs along the way by the end of the week. If bulls do not break $4,465, expect a nosedive down to $3,687. The blue  ascending trend line and the significant historical level coincide with each other. 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Crypto's future lies in tokenized real-world assets, not speculation

Atlas Capital CEO Reza Bandi stated that the crypto industry's next major growth phase will be driven by the tokenization of real-world assets rather than speculative trading. In an interview with FXStreet, Bandi identified three factors supporting the expansion of tokenization.

Top 3 Price Prediction: BTC remains vulnerable, ETH weakens further, XRP signals more downside

Bitcoin, Ethereum, and Ripple remain under pressure mid-week, as the broader cryptocurrency market struggles to regain recovery momentum. BTC struggles below $62,000, ETH continues to weaken below $1,650, while XRP’s momentum indicators remain biased toward further downside.

Crypto Overview: Bitcoin is back under $62,000 – Hyperliquid, DeXe lead losses

The broader cryptocurrency market is under pressure with Bitcoin slipping below $62,000 amid the US launching its third wave of strikes on Iran. Hyperliquid and DeXe are leading losses over the last 24 hours, risking the prevailing upward trend.

Bitcoin sell-off pushes over 50% of circulating supply into loss, hinting at market bottom
Bitcoin (BTC) dropped near $61,000 on Tuesday, with the latest sell-off pushing long-term market indicators toward levels historically associated with bear-market bottoms, according to a report by K33 Research.
Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.