Ethereum (ETH) is currently experiencing significant upward momentum, positioning itself as one of today's top performers in the cryptocurrency market. This surge in value is fueling optimistic price predictions across various timeframes, indicating a strong bullish sentiment among traders as the asset eyes new peaks.
Short-Term Trajectory
The immediate price action for ETH appears decidedly bullish, with the cryptocurrency marking a gain of 2.83%. On the hourly chart, Ethereum is on the cusp of breaching a key local resistance level at $4,718. A successful breakout above this point could swiftly propel its price towards the $4,750 mark within the next 24 hours, signaling continued short-term strength.
Mid-Term Potential and New Highs
Zooming out, the longer-term perspective for Ethereum remains equally encouraging. ETH is actively approaching a significant resistance barrier at $4,887. Should buying pressure persist, a decisive break beyond this level could pave the way for a test of the psychological $5,000 milestone. From a midterm standpoint, sustained growth towards the $4,887 resistance may even generate enough accumulated energy to challenge and potentially set a new all-time high for the asset, which is currently trading around $4,699.
