A recent survey predicted that the Ethereum price could surge toward a new all-time high in the ongoing bull cycle as markets grow optimistic about the potential of ETH.
Ether was trading at $3,925 at 09:13 EST after 3.2% in the last 24 hours. It is the largest daily gainer among the top ten largest cryptocurrencies by market capitalization.
Now, analysts predict that more gains could be on the way, with the predictions bordering on the largest altcoin recording a new all-time high soon.
Ethereum Price Attempts to Break $4,000
Ether has been on a positive momentum over the past week. The token has been up 27% over the past week, with more gains on the way, as seen on various price metrics.
The Relative Strength Index (RSI) is at 56 and has already crossed the signal line. The RSI trend line is also tipping north, indicating buyers are behind bullish momentum.
If buyers continue to dominate the market, it is likely that ETH will break past the immediate resistance at $3,950, which will pave the way for a rally past the crucial level of $4,000. ETH has been rejected at this level in the past, with the weak sentiment across the broader market failing to sustain gains.
Nevertheless, investors need to maintain caution, given the trend of the Moving Average Convergence Divergence (MACD) line. The MACD line is below the signal line, with the histogram bars also being on the negative zone.
A bearish hypothesis will be confirmed if the MACD line fails to cross above the signal line in the short term, as it could indicate that profit-takers have entered the market. Bears will take control of the market if the price falls to $3,885.
Analysts Call for ETH Gains to ATH
One of the analysts predicting significant gains for Ether is the founder of Defiance Capital, who noted that ETH would rally past $4,500 before spot Ethereum exchange-traded funds (ETFs) start trading.
Arthur noted that most of the cryptocurrencies remained less exposed to ETH and did not hold many tokens in their crypto portfolio. Therefore, if the hype around the launch of spot ETH ETFs in the market continues, more gains could come.
Spot Ether ETFs will likely start trading in mid-June according to analysts. The prediction follows the approval of these products by the US securities regulator, the Securities and Exchange Commission (SEC).
The Chief Investment Officer at Bitwise, Matt Hougan, published a blog post saying that the approval of spot ETH ETFs will likely push the altcoin to all-time highs. According to Hougan, the gain will come from optimism around ETFs and the legislative process.
Bernstein analysts are even more bullish on Ether, saying the price will potentially exceed $6,000. Such gains could deliver significant returns for investors.
