Ethereum hovers below the all-time high, $5K next?

Ethereum is looking to rally once one as the world's second biggest crypto is gearing up to breach the current ATH that rests at $4,859
Ethereum is looking to rally once one as the world's second biggest crypto is gearing up to breach the current ATH that rests at $4,859

Ethereum is looking to rally once one as the world’s second-biggest cryptocurrency is gearing up to breach the current all-time high that rests at 4,859 USD. TheCoinRise reported Ethereum’s new ATH in early Nov, which was followed by another ATH. The token is currently 8% low from the new ETH at $4859.

As per data from CoinMarketCap, Ethereum’s price has surged by 7.09% in the past 24 hours. On the other hand, the trading volume of the token rose by a whopping 48.15%, currently standing at $30.33 billion.

As the gas fees for carrying out transactions have surged by a massive amount, the co-founder of the Ethereum Foundation, Vitalik Buterin, wants to cap calldata per block for gas fees reduction.

Moreover, the “cup and handle” handle formation shows a price target of $6.5K. The current analysis of the Ethereum price chart is bullish, and higher prices are definitely possible. 

Ethereum price analysis on the daily chart by TradingView

The daily chart by TradingView shows that Ethereum has opened another bullish candle for Wednesday. This is the fifth bullish candle for the cryptocurrency on the daily chart. 

The price action was situated in the lower end of the Bands, but bulls conquered the 50-day Moving Average and pushed the price action to the upper end of the Bands. Now, we can expect a bullish breakout if the scenario remains the same. 

The daily opened today at $4630 and rose to a daily high of $4778, following a daily low of $4598. The weekly analysis shows that the candle starting Nov 29 is up by more than 10%.

Ethereum price analysis
Ethereum price chart from TradingView

The Ethereum price chart follows an uptrend, as is clear from the chart below. This uptrend might continue to hold in the future. The accumulation pattern shows that the line is forming higher highs as volumes continue to rise for Ethereum.

Ethereum price analysis
Ethereum price chart from TradingView

Ethereum’s dominance crossed 21% and continues to soar. On the other hand, there are a number of ETH-killers looking to dominate the second-biggest cryptocurrency. Recently, TheCoinRise reported that a popular ETH-killer, Solana’s co-founder said, that SOL doesn’t want to kill ETH.