Ethereum’s chart suggests to traders that it may reach a new high next week
The price of Ether is undergoing “structural changes”, which means that a big move could be on the horizon. Some crypto analysts say it may test its all-time high in the next seven days.
Bankless podcast host Ryan Adams said in a December 9 X post that a new Ether (ETH) all-time high “could happen in the coming week.” Ether's current all-time high is $4,878, reached in November 2021.
A closer look at the seven-day timeline of Ether traders
If ETH reaches a new high in the next seven days, it needs a weekly gain of 24% from its current price of $3,946 according to CoinMarketCap.
Ether is up 66.7% over the past 12 months. Source: CoinMarketCap
Anonymous crypto trader Pentoshi said in a Dec. 9 X post to his 830,900 followers that Ether “has structural changes and is the start of a series of massive ETF flows.”
Pentoshi highlighted that Ether had its “highest weekly close of the year” and echoed Adams' sentiments, suggesting that a test of the all-time high could happen sooner than many traders expect.
“There's not much resistance from here to ATH, which should act like a magnet. There's clear skies beyond that,” Pentoshi said.
Source: Pentoshi
Anonymous crypto trader Poseidon says there could be a significant breakthrough that Ether market participants are not expecting.
Ether recently touched $4K for the first time in 9 months
“ETH is about to break out of the 4-year 1,460-day range to the upside. Much higher, far beyond your wildest dreams,” Poseidon said in a December 9 X post.
Related: From Ether to $5K in Fractals, BlackRock ETH ETF Holdings 2x on $500M Purchase
It comes days after Ether broke the $4,000 price level for the first time since March 2024.
Analysts have predicted that Ether's recent underperformance against Bitcoin may be coming to an end.
“I think the ETH/BTC crash is over (or almost over) and should be higher in the next 6-12 months,” Into The Cryptoverse founder Benjamin Cowen said on December 4.
Magazine: ‘Normie degens' enter crypto tokens to reward sports fans
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
