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Like Bitcoin, Ethereum has additionally picked up steam, with the second-largest crypto token crossing the $3,000 resistance stage for the primary time since 2021. Interestingly, this crypto analyst believes the rally is much from over, as he highlighted a key price level that ETH may hit quickly sufficient. 

Ethereum Could Rise To As High As $4,000

Crypto analyst Altcoin Sherpa advised in an X (previously Twitter) post that Ethereum may rise to as excessive as $4,000. His prediction seems possible when one considers crypto analyst Bitcoin Ape’s current evaluation of Ethereum from a technical evaluation perspective. 

In his X post, Bitcoin Ape famous that the ADX (common directional index) indicator is at present “very high,” signalling that ETH’s bullish pattern is powerful. Indeed, this bullish momentum is likely to be very sturdy because the crypto token has since crossed the $3,130 value stage, which Bitcoin Ape highlighted in his submit as ETH’s new resistance level. 

Interestingly, the analyst famous that Ethereum had already confronted 4 resistance ranges in February alone and has to date damaged all of them, having additionally crossed the $3,130 mark. Although Bitcoin Ape failed to offer his short-term prediction for ETH, he expects the crypto token to hit its all-time excessive (ATH) of $4,891 when the bull run returns in full power.  

Meanwhile, Altcoin Sherpa isn’t the one one who believes that ETH may rise to $4,000 quickly sufficient. Standard Chartered Bank had additionally predicted that the crypto token would hit this value stage by the point the Spot Ethereum ETF is authorized in May. 

Crypto analyst Rager additionally recently gave a bullish prediction for ETH’s value, though he put his short-term goal at $3,500. However, he added that this value stage is just the start, stating that it isn’t the “peak high by any means.”

Ethereum’s Rally Not Hinged On Bitcoin’s Success

There is purpose to imagine Ethereum’s current bullish momentum isn’t on account of Bitcoin’s value surge, because the Ethereum ecosystem additionally has narratives which may be driving ETH’s rally. For one, the Ethereum network’s ‘Dencun’ upgrade is ready to happen on March 13. This much-anticipated occasion is critical as it might usher in developments within the scalability, safety, and usefulness of the Ethereum community.

Meanwhile, talks a few Spot Ethereum ETF doubtless being authorized in May have created quite a lot of pleasure for traders who’ve chosen to double down on their investments within the second-largest crypto token in anticipation of this taking place. 

The elevated curiosity in ETH is anticipated to spark vital rallies in its value forward of the May deadline, when the SEC should approve or deny VanEck’s Spot Ethereum ETF application.

ETH bulls keep maintain above $3,200 | Source: ETHUSD on Tradingview.com

Featured picture from Bitcoinist, chart from Tradingview.com

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