Top market analysts have identified why Ethereum struggled to beat deadlocks for $4,000, and why they could do so this time.
Ethereum showed pure strength following Wednesday’s fallout from the FOMC meeting after the Federal Reserve failed to cut interest rates. Ethereum retreated to just $3,680 as Bitcoin fell to $115,000 in a matter of minutes, but quickly recovered and closed the day.
Meanwhile, the momentum continues today as ether has already increased by 1.60% to regain $3,870. Ethereum is currently a few dollars away from its July high of $3,941, with bullish price action boosting the wider Altcoin market.
Ethereum rejected multiple times for Benjamin Cowen/Benjamin Cowen $4,000
In particular, Ethereum tried again, although it was low as $2,816 on May 1, 2024 after its rejection. ETH went from low to $3,972 on May 27, 2024 to $3,972, but still failed to move forward in the supply zone. Additionally, another price adjustment followed that on August 5, 2024, when Ethereum fell to $2,131.
The third attempt was made on December 16th, 2024, at a highest price of $4,106. In particular, this was the farthest in three years, but once again fell into a strong supply wall around the zone.
Why Ethereum is suffering from resistance
Interestingly, Cowen explained why Ethereum His analysis struggles with $4,000 resistance. Simply put, he stated that it was because Ether “forgotten to go home.”
This means that Ethereum was unable to retest critical support levels. This is something Cowen highlighted on the charts. He offered no further context, but the trendline coincides with the 400-week moving average.
Nevertheless, Ethereum won a retracement on April 7th from the peak of its final retest in December 2024 to $1,385. After reaching MA, Ethereum quickly rebounded, surged 178% from its April low to its current market price of $3,868.
Analysts now expect Ethereum to surpass resistance by $4,000 this time at the new high. He further said that ETH will rally at an all-time high before other notable revisions. In the current market, ether is nearly 21% off its all-time high of $4,891 in November 2021.
Surprisingly, Cowen is on a bullish list of analysts on long-term price developments near Ethereum. In particular, there are things Mild And the recent ambitious price forecast for Ethereum, the most eye-catching one is Bitmine’s incredible $60,000 forecast.