Bitcoin, which broke new records by surpassing the November 2021 peak last week, continues its positive impact on the market as the leading cryptocurrency. Ethereum With expectations that ETF approval will happen soon, many analysts predict that the ETH price will reach $5000 soon.
Well-known cryptocurrency analyst Altcoin Sherpa, Ethereum price He shared an important tweet about his movements. The analyst stated that ETH may experience a brief pullback and drop to $4000 levels before reaching new highs. However, he stated that if an ETF is approved, it is inevitable that the price will move higher, surpassing its previous peaks.
Although the analyst acknowledged that there may be some fluctuations in this journey, he emphasized that it is inevitable for ETH to reach a new all-time high (ATH) of $5000.
Notably, the analyst noted that he holds both Solana (SOL) and Ethereum (ETH) in his investment portfolio. This shows that he has taken a neutral approach to his investments and is confident that both cryptocurrencies will provide positive returns.
Ethereum Price Analysis
Watched on the weekly chart, Ethereum price encountered a slowdown at $3705, which corresponds to the Fib 0.786 level according to the recent downtrend. This level caused Ethereum to enter a correction phase, reducing its upward momentum.
Currently, Ethereum is trading at $3780, marking a 28.4% weekly increase. However, 24-hour trading volume decreased by 18% to $32 billion and the market value was recorded as $449 billion.
