The price of Ether (ETH), the Ethereum cryptocurrency, yesterday exceeded its previous historical maximum (ATH) registered four years ago when it reached the USD 4.880, unleashing a wave of projections for the market.
The rebound It happened after the speech of the president of the United States Federal ReserveJerome Powell, who suggested the possibility of a cut in interest rates, which promoted financial markets.
In the last 24 hours, ETH rose 15%, while cryptocurrency market capitalization reached the USD 4.03 billion. Ether’s domain is now 14.1%, compared to 57% of Bitcoin (BTC), as reported by cryptootics.
With a capitalization of approximately USD 569,000 million, ETH remains as the twenty -second most valuable asset in the world, surpassing companies such as Mastercard and Netflix.
But what is the opinion of the analysts? With the arrival at a new historical maximum, experts and enthusiasts shared their forecasts for the market.
The analyst Ted Pillows put the focus on something that sees key for the rise to follow: «having a USD 4600 support would indicate strength. If Ethereum performs deeper tests, the USD 4.370 support is the next stop.»
For its part, the trader and analyst Michaël van de Poppe too warned about possible corrections before continuing the upward trend. He revealed that he looks for bouncing entries between the USD 4,100, a level that has worked as a support, and the USD 3,900, an area that has acted as resistance.
The reason for this is that «I don’t think we continue to rise continuously at once,» he said. In addition, he stressed that «a gigantic upward movement in ETH indicates that we are facing a takeoff in the Altcoins.»
To this was added the analyst known as Moustache, who stressed that Ethereum’s impulse is accompanied by positive signals for the cryptocurrency market in general.
«ETH has reached a new historical maximum after almost 4 years. Meanwhile, the total 2 (total market capitalization of cryptocurrencies excluding Bitcoin) is breaking a resistance of more than a year. Few signals are as bullish for the Altcoins as this,» he said.
For pseudonym enthusiast Ether Wizz, The current behavior reflects past cycles patterns: «ETH is doing exactly the same thing that led to a massive rebound in the 2017 and 2021 cycle. First it catches the bulls and then a capitulation to catch the bears.»
In his opinion, what follows after that is a rising process for 3-4 months. «Now we have entered the way of just ascent,» he said from his upward perspective.
Historically, after a prolonged bitcoin cycle, the market usually see an Ether rebound and, later, from other Altcoins, in an effect of expansion of enthusiasm among investors.
Some analysts expect this pattern to be repeated, while others consider that this cycle could be developed differently. In any case, it is important to remember that past events do not guarantee that you will happen again.
Analyst Aleksandar Svetski recently emphasized that Bitcoin maintains an immutable monetary policy since its creation and Ethereum no. There will only be 21 million BTC, in contrast to ETH, whose broadcast can change according to decisions of its developers, which can affect the price.
Unlike ETH, who has just exceeded its peak of the Alcista cycle four years ago, BTC has been reaching new maximum historical prices since last year, marking a record last week of USD 122,000. The arrival to such contribution implies an increase of 80% from the maximum of USD 69,000 that marked in the 2021 bullish cycle.