According to crypto analyst Titan of Crypto, Ethereum (ETH) could be on the verge of a “major move upward” this year as it continues to form higher lows on the weekly chart. However, breaking through the persistent $4,000 resistance level remains a key hurdle for the cryptocurrency, before it goes on to create new highs.
Ethereum On The Brink Of A Massive Rally?
While frustration may be getting the better of ETH holders due to the digital asset’s below par price performance over the past two years, there could still be a chance to witness a complete turnaround in ETH’s price trajectory.
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In a post on X, Titan of Crypto shared the following ETH weekly chart, illustrating how the digital asset has been consistently forming higher lows since 2022. If ETH maintains this trend, it could soon break through the crucial $4,000 level and potentially set new all-time highs (ATH) later this year.
The analyst also applied Fibonacci extensions to estimate potential price targets, with the most optimistic projections reaching as high as $13,000 in 2026. Crypto trader Ted shared a similar outlook on ETH’s price action.
According to Ted, once ETH reclaims the $4,000 mark, it could soon surpass its previous ATH. He further predicted that ETH could surge to $9,000 within 3 to 4 months. Additionally, he noted that US President Donald Trump’s recent ETH purchases could provide further upside momentum for the digital asset.
Indeed, Trump’s decentralized finance (DeFi) project dubbed World Liberty Financial (WLF) has been on an ETH buying spree. In December 2024, WLF bought 722 ETH, worth $2.5 million at the prevailing market price.
Technical analysis trader Alex Clay also sees ETH’s current downtrend as a potential buying opportunity. Clay highlighted that ETH has not only completed its falling wedge pattern but also successfully defended the $3,000 support level. He added:
Time to reverse the short-term trend! Send $ETH to $4,000, $4,500, $5,000.
ETH: An Overcrowded Trade?
While the above analyses may offer hope to ETH traders, seasoned crypto analyst Ali Martinez cautions that the bullish head-and-shoulder pattern on ETH’s daily chart could be turning into an overcrowded trade. He added:
If the pattern holds, any dip to $2,900 could be a buying opportunity, but keep your stop-loss tight between $2,700 and $2,500.
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That said, crypto analyst Mister Crypto recently remarked that Ethereum has “likely bottomed out” and could be on the verge of a breakout to the upside. At press time, ETH trades at $3,095, down 2.2% in the past 24 hours.
Featured image from Unsplash, charts from X and Tradingview.com
