Ethereum Reaches Highest Weekly Close Since 2021 | Credit: Hameem Sarwar
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Key Takeaways
Ethereum (ETH) broke out from the $4,000 horizontal resistance area.
Last week, Ethereum reached the highest weekly close since December 2021.
How long until Ethereum reaches a new all-time high price?
Ethereum’s hot streak is carrying into August after one of its most bullish months on record in July.
Last week, ETH closed at $4,200, its highest weekly close since December 2021.
Historically, Ethereum ETF inflows have closely mirrored price performance, and with much of the latest surge happening over the weekend, ETFs recorded a new all-time high of over $1.02 billion.
The $4,000 level has been a stubborn obstacle for all of Ethereum’s price history.
Its all-time high in November 2021 is the only time it deviated (black circle) above this area, and even then, it could not sustain its increase.
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Momentum indicators are backing the move too: The Relative Strength Index (RSI) is crossing above 70, which is usually where the most rapid portions of the upward movement occur.
The Moving Average Convergence/Divergence (MACD) is positive and reached a new yearly high.
So, the Ethereum price forecast is bullish, and an all-time high is likely in 2025.
Short-Term Outlook
While the long-term readings could not be more bullish, Ethereum’s short-term technical analysis provides some cause for concern.
Not only are momentum indicators showing weakness, but the wave count suggests a local top is imminent.
Firstly, the RSI and MACD have generated bearish divergences (orange), warning that a pullback is likely soon.
According to the count, ETH is nearing the top of wave three in a five-wave upward movement (orange) that started on April 7.
However, it is not time to panic yet, since the count suggests wave three will likely end at $5,470.
Beyond that, the 1.61 external Fibonacci retracement resistance level creates a preliminary target for the top of the upward trend, which is $7,330.
Transactions Hit New High
Not only is the Ethereum price close to its all-time high, but the transaction count has already broken its May 2021 record, hitting 1.5 daily transactions.
At the time, the Ethereum transactions were likely impacted by the Non-Fungible Token (NFT) craze even as the ETH price was falling.
This time, stablecoin transfers, decentralized finance activity and swaps are driving the surge, which is further boosted by Ethereum increasing its gas limit to 45 million, as Vitalik Buterin reported in July.
The stablecoin supply has been hitting fresh highs all year, alongside rapid growth in Layer 2 networks, with Base Chain leading the pack.
Considering that Ethereum’s base chain application revenue is on the verge of a breakout, it is impossible to overstate how strong the network stats look and how in sync they are with the Ethereum price movement.
Ethereum All-Time High
Ethereum has broken through the long-standing $4,000 resistance for the first time since 2021.
With its bullish momentum, Ethereum is targeting a new all-time high next.
Network activity, transaction counts, and stablecoin supply are at record levels, supporting the rally’s organic nature.
Our Ethereum forecast suggests a price of at least $7,330 is likely by the end of 2025.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
