The Ethereum price has been consolidating recently, with analysts closely monitoring its next move. After reclaiming the $4,500 level, the cryptocurrency is now facing a crucial obstacle before potentially breaking into uncharted territory. Renowned crypto market expert Ted Pillows has set Ethereum’s next price target at $5,000, indicating a potential new all-time high.
Ethereum Price Faces Major Hurdle Before $5,000
In a recent technical analysis shared on social media, Pillows explained that Ethereum has successfully reclaimed the $4,500 support level, a point that had previously posed challenges for bulls. The focus now shifts to the next price hurdle at $4,880, which has emerged as the final barrier before a potential breakout.
According to Pillows’ price chart, a daily candle close above the $4,880 resistance could pave the way for a fresh all-time high and accelerate Ethereum’s momentum towards the $5,000 milestone. Just last month, ETH surprised the market by surpassing its 2021 all-time high and reaching over $4,900. Now, the cryptocurrency appears poised for its next significant move, with Pillows confirming $5,000 as the short-term target.
Ethereum’s struggle around the $4,880 level stems from repeated failures to push higher in previous sessions. Each rejection has solidified $4,880 as a robust resistance, making it a crucial point for bulls to overcome. A clean break above this level could nullify bearish short-term pressure and potentially trigger a surge in buying volume.
However, failure to hold above $4,880 could lead to a retreat to lower supports. Pillows identified the $4,200 – $4,400 range as the primary demand zone where buyers could re-enter the market. This area has historically provided strong support and could serve as a launchpad for another attempt to test the resistance.
ETH Rejected At $4,650 But Holds Support
In a subsequent analysis, Pillows noted that Ethereum failed to reclaim the $4,650 level, making its journey to the $4,880 resistance more challenging. The rejection at $4,650 has raised concerns of a near-term pullback, with the $4,500 region now serving as a key support level.
If ETH maintains above $4,500 and gains fresh bullish momentum, Pillows suggests that another attempt to reclaim $4,650 could occur, setting the stage for the anticipated $4,880 breakout. On the downside, Ethereum maintains strong structural support between $3,800 and $4,000, a range that has proven critical during past corrections by absorbing selling pressure and enabling bulls to re-accumulate.
For long-term investors, Pillows highlighted that the support zone between $3,800 and $4,000 presents a significant buy-dip opportunity. He mentioned that if ETH declines to this level, many altcoins would also enter attractive discount zones, offering broader accumulation opportunities across the market.
In conclusion, Ethereum is at a critical juncture as it navigates key resistance levels on its path towards $5,000. With expert predictions pointing towards a potential breakout, all eyes are on Ethereum as it seeks to make a significant move in the near future.