Ethereum (ETH) has struggled to gain momentum lately. The asset failed to generate traction despite the US SEC approving ETH ETFs last year. Bitcoin (BTC), on the other hand, hit a new all-time high after the launch of its ETFs in the US.
ETH is down by 1.4% in the daily charts, 5% in the weekly charts, 3.6% in the 14-day charts, and 11% over the previous month. Despite the dip, the asset has maintained some gains in the yearly charts, rallying 37.4% since January 2024.
Source: CoinGecko
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Ethereum To Hit A New All-Time High?
Source: Forbes
ETH is down by 32.8% from its all-time high of $4,878.26. The asset hit its peak in November 2021.
According to prominent cryptocurrency analyst Ali Martinez, ETH follows an ascending parallel channel. The analyst believes the $2800 level could push the asset to $6000, a new all-time high. Hitting $6000 from current price levels will entail a rally of about 82.8%.
Also Read: Ethereum Price Prediction: ETH To Hit $4,000 by End of January?
Changelly also presents a bullish outlook for Ethereum (ETH) in 2025. The platform anticipates the asset to trade at a maximum price of $7194.28 this year. Hitting $7194.28 from current price levels will entail a rally of about 119%.
Source: Changelly
Market Rally This Month?
The cryptocurrency market may enter another bullish leg by the end of this month. US President-elect Donald Trump will be inaugurated on Jan. 20, 2025. Trump’s pro-crypto stance could trigger another market-wide rally. Ethereum (ETH) could surge to a new yearly high very soon. How the market performs over the next few days is yet to be seen.
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There is also a possibility that ETH will not break out after Trump’s inauguration. The economic status of the US may push back an early interest rate cut. This could spook investors away from risky assets.
