With Bitcoin surging above $71,000 for the first time, altcoins like Ethereum have embarked on renewed waves of recovery so far in March 2024. Amidst this bull run, ETH prices tapped new yearly highs, feeding optimism around the crypto’s outlook. The big question now is: just how high can Ethereum trend in the months ahead?
Analysis of price charts reveals Ethereum, with its $479 billion market cap, has surged past the $4,000 level for the first time in two years. A 75% increase in trading volumes to $22 billion supports this signal of strengthening upside momentum.
After logging 15% gains last week, ETH has rallied 60% across the past 30 days. Ethereum has notched a bullish milestone that hints at a trend reversal.
Also read: Cryptocurrency: Top 3 Coins To Buy Under $10 For Better Gains
Can Ethereum hit $5,000 next?
If Ethereum’s price is able to sustain support around the $4,000 area in the coming weeks, some analysts estimate the next likely upside target could be around $6,835 based on the 1.618 Fibonacci extension level.
This would represent the next key price milestone if the current bullish momentum is maintained. However, prices could also consolidate or correct before any potential further upside.
Ethereum hit its all-time high of $4,891 on November 16, 2021. However, the second-largest cryptocurrency is just 18% away from breaching its previous all-time highs.
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Of course, if existing market conditions deteriorate again, Ethereum may see a downside. However, indicators presently favor the ongoing bullish structure persisting through February.
So, with ETH firmly back in recovery mode, early technical clues support the growing narrative of history repeating itself this cycle. If Bitcoin manages to sustain the $71,000 level, ETH and other altcoins could stage a bullish outlook in the coming days.
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