In recent days, the price of Ether (ETH) has been exhibiting signs of significant changes, hinting that a substantial move may be on the horizon. Some crypto commentators have even gone as far as suggesting that ETH could retest its all-time high within the next seven days.
A Potential Retest of the All-Time High?
Bankless podcast host Ryan Adams expressed his thoughts on the matter in a Dec. 9 X post, stating that a new Ether all-time high "could happen" within the next week. The current all-time high for ETH is $4,878, which was reached in November 2021.
If ETH were to hit a new high in the next seven days, it would require a 24% weekly gain from its current price of $3,946, according to CoinMarketCap. Over the past 12 months, Ether has experienced a significant surge, increasing by 66.7%.
Structural Changes and ETF Flows
Pseudonymous crypto trader Pentoshi also shared his insights on the matter in a Dec. 9 X post to his 830,900 followers. He noted that Ether is undergoing "structural changes" as well as the beginning of consistent and large ETF flows.
Pentoshi highlighted that ETH had its "highest weekly close of the year," echoing Adams’ sentiment that a retest of the all-time high could happen sooner than many traders anticipate.
"There is not much resistance from here to ATH, which should act as a magnet. Above that is clear skies," Pentoshi said in his post.
Breaking Out of a 4-Year Range
Pseudonymous crypto trader Poseidon also chimed in on the matter, suggesting that there may be significant gains that Ether market participants aren’t expecting.
Ether recently touched $4K for the first time in 9 months. "ETH is about to break out of its 4-year, 1,460-day range to the upside. Much higher, far beyond your worst nightmares," Poseidon said in a Dec. 9 X post.
Analysts Predicting an End to ETH’s Underperformance
It comes only days after Ether broke past the $4,000 price level for the first time since March 2024. Analysts have recently predicted that Ether’s underperformance against Bitcoin may be coming to an end.
"I think the ETH/BTC collapse is over (or nearly over), and it should go higher over the next 6-12 months," Into The Cryptoverse founder Benjamin Cowen said on Dec. 4.
What This Means for Traders
For traders, this news may be exciting but also raises questions about what to expect in the near future. With Ether’s price forming structural changes and analysts predicting a potential retest of its all-time high, it’s essential for traders to stay vigilant and closely monitor the market.
Trading ETH: What to Expect
- If ETH were to hit a new high in the next seven days, it would require a 24% weekly gain from its current price.
- The current all-time high for ETH is $4,878, reached in November 2021.
- Over the past 12 months, Ether has experienced a significant surge, increasing by 66.7%.
Why This Matters
The potential retest of Ether’s all-time high and the structural changes it’s undergoing could have significant implications for traders and investors.
- If ETH were to break out of its current range, it could lead to substantial gains for market participants.
- The ETF flows into Ether may also contribute to its price increase, making it an attractive investment opportunity.
Conclusion
Ether’s price forming structural changes and analysts predicting a potential retest of its all-time high make for exciting times in the crypto market. As traders and investors, it’s essential to stay informed and adapt to changing market conditions.
By understanding the underlying trends and factors driving Ether’s price, we can better navigate the market and make informed decisions about our investments.
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