Home News Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum nears its own all-time high as ETH price retakes $4K

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In the immediate term, Ethereum’s native token, Ether (ETH), is poised to set a new high after breaking over $4,000, a key resistance level.

Ethereum breaks $4,000, nearing new all-time high

For the first time since May 2021, the price of Ethereum (ETH) increased by over 5% on Oct. 20 to surpass $4,100 on the Coinbase market. The cryptocurrency’s rise above $4,000 followed Bitcoin’s (BTC) breakout above $65,000 to enter price discovery.

The 30-day correlation between Bitcoin and Ether was 0.81, according to Crypto Watch statistics. The two assets have an 81% linear positive connection.

ETH/USD versus BTC/USD daily price action. Source: TradingView

As a result of Bitcoin’s ability to enter price discovery, Ether, which is currently trading a few hundred dollars below its all-time high of $4,385, now has comparable possibilities.

“I don’t see why ETH wouldn’t break to new all-time highs if BTC did”, said Rekt Capital, a market analyst. Elaborating:

“Turn $4,000 into support, and ETH will soar to new All-Time Highs.”

The price of Ethereum is forming an ascending triangle

ETH’s most recent pump increased its year-to-date earnings by over 450%, compared to Bitcoin’s 130%. This increased the chances of Ether outperforming Bitcoin in the following sessions, allowing it to reach levels much above Rekt Capital’s $4,400 forecast.

The top trendline of the Triangle was broken by ETH on Wednesday. Nonetheless, the rise in price was followed by a drop in trading volume, suggesting that ETH may revisit the trendline as support in the near future.

ETH/USD daily price chart featuring ascending triangle setup. Source: TradingView.com

ETH was painting an Ascending Triangle structure with a $6,500 upside objective, as previously reported.

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