- Ethereum nears all-time high rediscovery at $4,712, just “a few candles away,” per trader DeanCryptoTrades’ cycle analysis.
- Sustained hold above $5K could spark wider altcoin risk appetite, but resistance break on lower timeframes is crucial.
- Positive inflows and institutional buys support upside, with forecasts targeting $5,000+ by late September.
In the ever-volatile world of cryptocurrency, Ethereum (ETH) stands as the resilient backbone, powering DeFi, NFTs, and layer-2 innovations. Today, with ETH trading at approximately $4,712, the market is buzzing with cautious optimism. Renowned trader DeanCryptoTrades (@DeanCryptoTrades on X) has ignited fresh debate with his latest chart analysis, suggesting ETH is mere “a few candles away” from rediscovering its all-time high (ATH) of around $4,878 from November 2021. But as with all bull runs, the devil lies in the details—or in this case, the resistance levels.
DeanCryptoTrades’ post, shared earlier this week, overlays Ethereum’s current price action against historical cycles, highlighting striking similarities to the 2021 parabolic surge. The chart, sourced from TradingView, marks key milestones: the 2021 ATH, the “chop” consolidation phase that followed, and the previous cycle peak. ETH, he argues, has staged a “maker price discovery back to the all-time high,” breaking free from the doldrums of 2023-2024 bear traps. At current levels, ETH hovers just below $5,000 resistance—a psychological and technical barrier that’s held firm since the last bull market.
What makes this analysis compelling? Dean points to multi-timeframe strength as the linchpin. “Key will hold above $5K for some days,” he predicts, envisioning a multi-day consolidation that could “kick off a wider risk appetite towards ETH and other alts.” This isn’t blind hopium; it’s grounded in observable patterns. Ethereum’s recent rebound from the $4,300 support zone—echoing the $4,300–$4,370 Fibonacci cluster—has seen inflows remain positive, with institutional players like SharpLink accumulating ETH as a reserve asset, much like MicroStrategy’s Bitcoin playbook.
Yet, Dean tempers the hype: “But for now we wait and see what we get. Price is strong on the lower timeframes but still needs to break that resistance.” Indeed, lower timeframe charts show bullish momentum, with RSI climbing above 60 and MACD crossing positively. However, broader macro headwinds—U.S. interest rate jitters and Bitcoin’s dominance at 56%—could cap gains. If ETH breaches $4,958 (Elliott Wave target), per LiteFinance, we could see a cascade into altseason, with SOL, LINK, and UNI riding the wave.
From a senior trader’s lens, this setup screams opportunity with guardrails. Ethereum’s upgrades, like the anticipated Prague-Electra hard fork, bolster long-term fundamentals, potentially slashing fees and boosting scalability. But remember, crypto’s cycles are fractal: what looks like a breakout today could morph into chop tomorrow. DeanCryptoTrades’ call aligns with broader forecasts—Changelly eyes $5,397 by month-end—urging holders to stack sats (or ETH) on dips while eyeing that $5K hold. As ETH flirts with glory, one thing’s clear: the king of smart contracts isn’t dethroned yet. Will it ignite the next risk-on frenzy? Watch the candles burn.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
