Ethereum Price to Hit a New ATH in the Next 30-36 Days: Here’s Why
The recent rise in Bitcoin (BTC) price above $101,000 has fueled bullish sentiment across the altcoin industry, led by Ethereum (ETH). With the much-hyped second inauguration of US President-elect Donald Trump less than a week away, fears of further cryptocurrency capitulation have diminished significantly.
Additionally, political shifts in the United States will set a new precedent for mainstream adoption of digital assets and web3 protocols globally. As of this writing, more than 562 million people around the world own crypto assets, indicating that crypto adoption is still in its early stages.
Ethereum price braces for major ruckus
From a technical analysis perspective, Ethereum’s price has been gearing up for a major bullish ruckus over the past year. The large-cap altcoin, which has a fully diluted valuation of approximately $407 billion and average 24-hour trading volume of approximately $26 billion, has been forming an inverted head and shoulders (H&S) pattern with strong support around $2,923.
The main resistance level for Ethereum is around $4,060, and the price of Ethereum is set to hit all-time highs in the coming months, driven by institutional investors. Additionally, new interest in U.S. spot Ethereum ETFs is helping to reduce the circulating supply of Ethereum.
If you examine the formation of the left shoulder, #Ethereum $ETH consolidated around $2,800 for 37 days in mid-April before moving higher.
A similar consolidation could occur now while the right shoulder of this head-and-shoulders pattern develops. pic.twitter.com/O0TQGu3YSr
— Ali (@ali_charts) January 17, 2025
Favor fundamentals
The Ethereum network attracts the most experienced web3 developers, primarily due to its sheer size and strong ecosystem backed by reputable investors. Under the leadership of co-founder Vitalik Buterin, the Ethereum network has developed into a bintrant web3 ecosystem with a total locked value of approximately US$67 billion and a stablecoin market value of approximately US$114 billion.
To ensure sustainable growth prospects in the future, Ethereum core developers are preparing the Pectra upgrade before the end of the first quarter of 2025. The Pectra upgrade will focus on improvements to the Ethereum execution layer and consensus layer.
For example, the Pectra upgrade will involve EIP-7702, which allows ordinary wallets to temporarily act as smart contracts during transactions for enhanced security. Another key feature of the Pectra upgrade is EIP-7251, which increases validator staking limits from 32 ETH to 2048 ETH.
