Ethereum (ETH) is on the rise! After a recent dip, it’s bounced back strongly, gaining 4.7% in the last 24 hours. This has analysts buzzing, with some predicting even bigger gains are on the horizon.
Ethereum’s Recovery
Just a week ago, ETH briefly topped $4,000 for the first time in nine months, getting close to its all-time high and the coveted $4,100 mark. Then, the market took a bit of a tumble, with ETH dropping about 10% below $3,500. But it didn’t stay down for long! It’s steadily climbed back, regaining its footing above $3,800 and then pushing past $3,900.
Analyst Carl Runefelt points out that ETH is now trading above a key support trendline, a positive sign. He also notes that a breakout above $3,940 could send it towards $4,000, and potentially even $4,100.
The Road to $5,000?
While the recovery is encouraging, some analysts say ETH still has hurdles to clear. Analyst Alex Clay highlights the $3,950 resistance level, which has repeatedly blocked ETH’s progress in the past. However, successfully turning this resistance into support could be a major turning point.
Another analyst, Jelle, sees even bigger potential. He believes ETH is poised for a massive move after breaking out of a long-term pattern. He’s particularly excited about the recent surge in ETH-based ETFs, with over $1.3 billion in inflows this month alone. This shows strong institutional interest.
Adding fuel to the fire, the World Liberty Financial Initiative (WLFI) recently bought $10 million worth of ETH. Jelle interprets this as a major signal of institutional confidence, suggesting a potential push towards new all-time highs. He predicts ETH could reach $5,000 and sees 2025 as a potentially huge year for Ethereum.
The Current Situation
As of now, ETH is trading around $3,951, a significant daily increase. Whether it can break through the next resistance levels and reach the ambitious price targets remains to be seen, but the current momentum is certainly positive.
