Ethereum (ETH) is currently on a strong upward trend in July, marking one of the best months for the second-largest cryptocurrency by capitalization. After reaching the $3,500 mark, many investors wonder how high ETH can climb in this cycle.
Potential Growth of Ethereum in the Market
The last all-time high for ETH was set in November 2021 at around $4,900. Currently, the price is once again approaching significant resistance levels. If ETH breaks through the resistances at $3,650 and $4,000, analysts suggest that a move towards the previous high is likely.
Technical Analysis and Key Resistance Levels
Ethereum is forming what is known as an 'inverse cup and handle' — a bullish formation that has led to significant price breakouts in the past for assets like Bitcoin and gold. Should ETH follow this pattern, a breakout could aim for the $10,000 mark or even higher. Analysts point to key resistance points, including $3,800, $4,000, and the previous high of $4,900–$5,000.
Overall Market Conditions and Forecasts
Market conditions also appear favorable. Global liquidity is increasing, interest rates are expected to fall, and Bitcoin dominance is slightly declining — all good signs for Ethereum. Altcoins typically follow Bitcoin's lead, which could make this ETH’s moment to shine. However, some short-term pullbacks or consolidations may occur near resistance levels. Overall, analysts remain optimistic about Ethereum.
Given Ethereum's current upward trend and favorable market conditions, many traders are likely to maintain long positions in the near term as they anticipate continued growth.