As Ethereum continues to gradually convert key resistance levels into support, some analysts suggest that the leading altcoin may be approaching a critical juncture regarding the possibility of achieving a new all-time high in this cycle. Analyst Indicates New ATH May Not Materialize This Cycle.
In the preceding week, Ethereum has made efforts to regain the $1,800 threshold, oscillating within the $1,770-$1,820 price corridor. In the past 24 hours, the cryptocurrency has experienced a 5.5% increase, surpassing the significant resistance level and last week’s peak of $1,850. In the context of recent price movements, ETH revisited the $1,860-$1,870 range for the first time in a month, concluding April at a mere 1.56% below its opening price. Nonetheless, Ethereum’s negative monthly close signifies the fifth consecutive month of decline for the cryptocurrency.
The leading alternative cryptocurrency has experienced a series of monthly negative returns since December, marking its most prolonged period of underperformance since 2018, and concluded the first quarter of 2025 with a 45.4% decline. Analyst Carl Runefelt observed this performance, stating that “the good news is that historically, May is the most positive month of the year for ETH.” Historically, May has proven to be a strong month for Ethereum, with an average increase of 27.31% recorded.
Furthermore, the second quarter has demonstrated a favorable trend for cryptocurrency, with Q2 concluding in positive territory on seven occasions out of nine. Despite its negative close in April, Ethereum has recorded a modest 2.15% positive return this quarter to date, indicating that the cryptocurrency may sustain its current trajectory if historical patterns hold true. Another market observer notes that ETH’s price is exhibiting a performance akin to Bitcoin’s (BTC) rally in 2020. At that moment, “Bitcoin consolidated at $8K… The majority overlooked it. Then it reached $64,000. Merlijn The Trader notes, “Ethereum is showing the exact same structure. Accumulation. Compression. Explosion loading. However, this implies that another pullback may occur prior to reaching a new all-time high.
Meanwhile, analyst Crypto Bullet provided a rather cautious macro perspective. His post indicates that the Ethereum mid-term correction has concluded, following the breach of the August-October 2023 lows, which resulted in the formation of a “giant reversal candle,” while maintaining position at the mid-line of the multi-year descending Channel. He posits that ETH has reached its nadir, suggesting that a notable mid-term rebound is anticipated in the coming months, with an initial target set at $2,500. Crypto Bullet observed that the recent surge might represent either a Dead Cat bounce or the initiation of a new all-time high rally, suggesting that the former is more likely given the cryptocurrency’s lackluster performance and the advanced stage of the cycle.
In that scenario, Ethereum may encounter a possible rejection within the $2,700-$3,000 range; however, a bullish rally could commence if it surpasses the $3,000 resistance and escapes the multi-year channel. However, he also posited that Ethereum might be “in a bigger cycle than we all think,” akin to cryptocurrencies exhibiting a “one cycle behind” performance. In a prior examination, Crypto Bullet evaluated the likelihood of ETH failing to reach an all-time high in this cycle, referencing XRP’s performance in 2021. “So what if the ETH cycle top is in and it’s going to print a giant Accumulation Structure (a Triangle or a Zigzag) and break out of it, say, in 2028?” he questioned, concluding that investors would accumulate more energy for a breakout, and the targets would be significantly higher.