Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.

Ethereum breaks $4,000, nearing new all-time high

ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.

Our top trading bots

According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% linear positive correlation between the two assets.

Ethereum nears its own all-time high as ETH price retakes $4K
ETH/USD versus BTC/USD daily price action. Source: TradingView

As a result, Bitcoin's ability to enter price discovery opens up similar prospects for Ether, which still trades a few hundred dollars below its current all-time high of $4,385.

Related: This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4

"If BTC broke to new all-time highs, I don't see why ETH wouldn't," commented Rekt Capital, an independent market analyst, adding:

"Turn ~$4,000 into support, and ETH will levitate towards $4,400 for a break to new All-Time Highs."

ETH price ascending triangle setup

ETH's latest pump boosted its year-to-date profits by almost 450%, compared to Bitcoin's 130% returns in the same period. That also raised the possibility of Ether posting better gains than Bitcoin in the coming sessions, thereby achieving levels much higher than Rekt Capital's $4,400-target.

On Wednesday, ETH price broke above the Triangle's upper trendline. Nevertheless, the move upside accompanied lower trading volume, which could see ETH retest the trendline as support in the near term.

Ethereum nears its own all-time high as ETH price retakes $4K
ETH/USD daily price chart featuring ascending triangle setup. Source:

As Cointelegraph reported earlier, ETH had been painting an Ascending Triangle structure with a $6,500 upside target.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read on relating to Cointelegraph
Owner of Russian bank Tinkoff acquires Swiss digital asset firm
TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets.The firm has invested in Swiss digital asset service...
Dogecoin is better than Bitcoin for payments, Elon Musk declares
Tesla CEO Elon Musk believes that Bitcoin (BTC) is not that good for everyday payments as the meme-based cryptocurrency Dogecoin (DOGE).Musk compared the...
Galaxy Digital raises $500 million in convertible debt to fund business expansion
Galaxy Digital, a cryptocurrency brokerage and merchant bank founded by billionaire investor Michael Novogratz, announced on Monday that it would be issuing...
Asia-Pacific leads the world in NFT searches on Google
Amid the ongoing nonfungible token (NFT) boom, people in Asia-Pacific (APAC) countries appear to be the most curious about NFTs, according to Google Trends...
Paris Hilton and Pranksy collections featured by Sotheby's new NFT platform
Prestigious auction house Sotheby’s has launched a new Metaverse themed NFT platform. The platform is dubbed “Sotheby’s Metaverse” and was announced alongside...
VeChain launches blockchain platform to encourage carbon data reporting
Supply chain management platform VeChain has announced a new service for combining businesses to overhaul their carbon footprint data management practices.The...
Iran’s tax authority wants to legalize crypto exchanges
The Iranian National Tax Administration (INTA) is pushing to establish a legal framework for the taxation of crypto trading platforms operating in the country,...
Fidelity to hire more crypto hands amid growing institutional interest
Fidelity Digital, the crypto arm of the global asset management giant Fidelity Investments Inc., will reportedly hire more people for its expanding cryptocurrency...
Crypto mining firm Argo Blockchain eyes secondary Nasdaq listing
Argo Blockchain, a publicly traded blockchain technology company focused on cryptocurrency mining, is looking at a potential secondary listing on the Nasdaq...
Dubai’s economic department to roll out blockchain-based corporate KYC
Dubai’s Department of Economic Development, or “Dubai Economy,” and the Dubai International Financial Centre are working to expand their Know Your Customer...
Mark Cuban owns 30% ETH because it’s ‘closest to a true currency’
Billionaire Mark Cuban believes Ethereum is the closest thing we have to being a true currency and views Bitcoin as a better alternative to gold.The Shark...
Uniswap’s daily fee generation tops Bitcoin’s by $1.7 million
The world’s top decentralized exchange, Uniswap, is currently beating out Bitcoin’s daily fee generation by more than 50%.According to the data tracking...
Famous YouTuber Lost $2 Million Worth Crypto-Coins During Livestream
One might not be protected from hackers in the sphere of cryptocurrencies, even if one is the person who knows everything (or at least a lot) about cyber...
Steven Seagal Became The Face Of The Dubious ICO 'Bitcoiin'
Hollywood actor Steven Seagal became the international ambassador of a Bitcoiin2Gen project; his participation is actively used by the creators of the...
Medical Tourism Boom: Where to Receive Medical Care For Bitcoin
Currently, bitcoin is experiencing an optimistic adoption in various industries. Today, with this cryptocurrency you can pay for goods, services and even...