The upward movement of the crypto market makes everyone watch Ethereum (ETH) with the expectation that it will reach higher limits. Ali, an analyst, believes Ethereum is more likely to hit $5000 as the resistance thinning out. Still to be overcome though is a substantial supply zone at $4522-$4646 where up to 600000 addresses have a combined holding of 163 million ETH.
Just recently, Ethereum, the world’s 2nd largest cryptocurrency, has been climbing steadily and finally reclaimed that crucial $4,000 point. However, this feat is much more than a simple reclaim; rather, it is a clear indication of ETH’s potential to hit new all-time highs. Rekt Capital analyst, who is well known on Twitter, has boldly confirmed through his tweet that Ethereum’s breakout above $4,000 was a sign of more new record highs to come.
Similarly, analyst Muhammad Azhar expressed excitement, asserting that Ethereum’s impressive surge past $4,000 has put the crypto community on the brink of witnessing new all-time highs, underscoring the market’s fascinating growth potential. The excitement surrounding ETH’s growth prospects is palpable within the crypto sphere.
Among the crypto experts, bull-bearish is very strong. For example, trader Tardigrade deeply believed in this and encouraged his potential investors by saying to them, “hold on tight,” as Ethereum not only continues its upward trend but also aligns itself to reach great extents that have never been before. The trader had called for close watching of ETH with its tenacity and growth being indicators of what lies ahead.
The Debate Over Ethereum’s Future
Despite the widespread positivity, QCP’s analysis was rather discouraging. Nonetheless, QCP noted that Bitcoin and Ethereum have recently reached new all-time-highs of $72,944 and $4,094 respectively; hence positioning ETH as a possible “Digital Gold” outshining Silver in terms of market cap. Yet, there are apprehensions about the future of Ethereum. However, the 1-2 month risk reversals on ETH options imply low chances for spot ETH ETFs to get approved by May/June deadline thus discouraging bull hopes.
However, QCP still remains cautious about possible market washouts and advises delta-neutral spot-forward trading strategy to navigate the macroeconomic events ahead, including CPI and FOMC. Nonetheless, ETH’s future price is still a subject of hot debate between bulls and bears with no conclusion reached. It will only be time that will proof if this can break the major supply zone resistance and fly towards $5,000 or not.