As the first quarter of the year draws to a close, Ethereum appears to be gearing up for a significant upswing.
After a brief period of consolidation, tokens have initiated a strong recovery, indicating the potential for new all-time highs in the near future. While the market leader, Bitcoin (BTC), has been leading the charge, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has opted for a more gradual approach.
Ethereum’s daily chart suggests that the ETH price is currently trading within an ascending triangle pattern and has recently bounced back before reaching the lower support level.
The Relative Strength Index (RSI) has displayed a bullish divergence, which implies that the price may follow a strong upward trend. As a result, analysts predict that Ethereum could surge towards the upper resistance zone, ranging between $4,000 and $4,114, before the end of the week. Furthermore, the monthly outlook for ETH remains bullish, with the potential for prices to climb beyond $4,200.
Can Ethereum hit $5,000?
While the short-term prospects for Ethereum are promising, investors are also eager to know when the ETH price will surpass the $5,000 milestone. Long-term technical analysis indicates that Ethereum is on a bullish trajectory and has entered the next phase of its upward trend. After rebounding from lower levels, the price is currently testing the interim resistance just above $4,000. A successful breach of this level could trigger a fresh upswing towards higher targets.
The RSI on the long-term chart remains within the bullish range and is attempting to initiate a rebound, which may validate a bullish reversal within the upper range. This trading setup suggests that Ethereum could potentially reach new highs around $11,500 to $12,000 by the end of the first quarter of 2025 or within the first few weeks of the second quarter of the same year.
