A factor indicating that the Ethereum cryptocurrency is reaching historical highs has been named

Cryptocurrency traders and analysts on the X platform are positive about the prospects of the main altcoin Ethereum. According to CryptoMichNL, ETH $3,356.65 Bridged Ether (StarkGate) -0.69% Market capitalization $0.29 billion VOL. 24 hours $1.93 billion will surpass bitcoin in its further upward movement.

«Ethereum is at $ 2980. This is still a major milestone for the transition from bitcoin to Ethereum. The upward momentum is demonstrated by Ethereum, not bitcoin,» the expert emphasized.

The InmortalCrypto analyst also believes that ETH will outperform BTC due to the bullish ETH/BTC chart, while CredibleCrypto predicts that the ETH price will rise after a potential short-term drop.

An analysis of price movements since May 2022 shows all signs of an impulsive upward movement. Last week, ETH broke through two important resistance levels. One of them was the resistance line of the ascending parallel channel built from the 2022 low. Before that, the token made two unsuccessful attempts to break out of this channel.

The second resistance is the middle line of the long-term range (white), which has existed since 2021. Ethereum’s price dynamics and indicator signals indicate that the ongoing upward movement is impulsive in nature and will eventually lead to a new all-time high. The maximum of the range is located at $ 4,000, which is 35% higher than the current price.

Of note, analyst Benjamin Cowen has suggested that Ethereum may be in the process of repeating a historical pattern that could lead to a drop to record lows. Since ETH/BTC is balancing at a support level, Cowen believes that the next breakout could lead to a decline in the ETH/USD exchange rate. In the future, this will cause Ethereum to fall to the $ 1200 level.