Ethereum has struggled to break through the $4,000 resistance level, falling around 3% on Monday to $3,850. Despite this, experts believe a new peak could be approaching due to a strong weekly close. Crypto trader Pentoshi’s analysis suggests Ethereum is experiencing significant “structural shifts” similar to Bitcoin’s recent developments.

Ethereum has just recorded a higher high and achieved its highest weekly close of the year, indicating strong upward momentum. Pentoshi believes the absence of substantial resistance between the current price and its all-time high suggests Ethereum may be drawn toward this level, much like a “magnet.” Beyond this critical milestone, he sees a clear path for further growth, with minimal barriers to sustained upside potential.

Ethereum surpassed the $4,000 price level for the first time since March 2024 last week, but its all-time high of $4,878, recorded in November 2021, remains untouched. On-chain data reveals few resistance levels ahead, indicating Ethereum is positioned to challenge this previous all-time high. Bankless podcast host Ryan Adams also suggested in a recent post that a new Ethereum all-time high “could happen” within the coming week.

However, crypto trading firm QCP Capital maintains a bullish outlook on Ethereum but predicts that price action will remain range-bound during the holiday season. Ethereum is currently retesting a critical three-year trendline, with the next price movement holding significant implications. If the cryptocurrency manages to bounce off this line, it could trigger a rapid and volatile rally, pushing prices to new highs.

However, if the price fails to hold and breaks below this level, one analyst predicts that Ethereum could revisit the $3,500 range. This moment is described as a “jump or die” scenario for the token.

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