Ethereum Eyes 2021 All-Time High: Can ETH Break $4,870 by July 29?
- Ethereum’s Six-Month Rally: A 20% Surge Against the Dollar
- Weekly Showdown: ETH Tests Crucial $3,900 Resistance
- Daily Chart: ETH’s Steady Climb Shows No Signs of Fatigue
- Whale Activity and Market Sentiment: The X-Factors
- FAQ: Burning Questions About Ethereum’s Price Action
Ethereum (ETH) is making waves as it flirts with the $4,000 mark, sparking speculation about a potential retest of its 2021 all-time high (ATH) at $4,870. With whales accumulating ETH and the price showing steady growth since April, the crypto community is watching closely. This article dives into ETH’s technical outlook, performance metrics, and key resistance levels, while addressing whether the "prince of cryptos" has what it takes to reclaim its throne. Buckle up for a data-driven deep dive!
Ethereum’s Six-Month Rally: A 20% Surge Against the Dollar
Ethereum has been on a tear for the past six months, climbing over 20% against the USD. While bitcoin hesitates below $120,000, ETH is quietly flexing its muscles. The ETH/USDT pair has gained 19.5% in six months, with even more impressive spikes in shorter timeframes (56.7% in 1 month, 112.7% in 3 months). Even against Bitcoin, ETH isn’t slacking—the ETH/BTC pair is up 5.8% over six months. This isn’t just a pump; it’s a sustained uptrend backed by whale activity and developer momentum. Data from CoinMarketCap shows ETH’s resilience, especially after its April rebound.
| Pair | 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
| ETH/BTC | 0.36% | -0.25% | 4.27% | 42.68% | 70.07% | 5.81% |
| ETH/USDT | 0.57% | -0.27% | 4.15% | 56.72% | 112.68% | 19.50% |
Weekly Showdown: ETH Tests Crucial $3,900 Resistance
The $3,900 level has been Ethereum’s nemesis since 2021—a stubborn resistance that’s rejected price advances multiple times. The last attempt to breach it led to a sharp pullback, so traders are eyeing this zone like hawks. A weekly close above $3,900 could open the floodgates to $4,870, but failure here might trigger profit-taking toward lower supports. The RSI’s breakout from a bearish trendline adds credibility to the bulls’ case. As one BTCC analyst noted, "This isn’t just technical—it’s psychological. Breaking $4,000 WOULD signal a regime shift."
Daily Chart: ETH’s Steady Climb Shows No Signs of Fatigue
Zooming into the daily timeframe, ETH’s trajectory since April resembles a staircase—consistent higher lows with brief consolidations. The recent bounce off the 50-day moving average (around $3,400) reinforced the uptrend. Now, the path to ATH hinges on conquering two hurdles: the $3,900-$4,000 supply zone and the 0.618 Fibonacci level at $4,200. Liquidity pools suggest strong interest at these levels, but as always in crypto, nothing’s guaranteed. "Altcoins are playing catch-up while BTC consolidates," observes a TradingView chartist. "ETH’s relative strength is hard to ignore."
Whale Activity and Market Sentiment: The X-Factors
Behind the charts, on-chain data reveals whales gobbling up ETH at a pace not seen since Q1 2024. Exchange reserves are dwindling (a bullish sign), and the derivatives market shows balanced leverage—no extreme long/short skew. Still, risks loom: regulatory uncertainty around ETH’s security status and macroeconomic headwinds could spoil the party. This isn’t investment advice, but historically, ETH tends to outperform in Q3. Will 2024 follow the script?
FAQ: Burning Questions About Ethereum’s Price Action
What’s driving Ethereum’s price upward?
The combo of whale accumulation, positive technical structure, and growing Layer-2 adoption (Arbitrum, Optimism) is fueling ETH’s rise. Network upgrades like Dencun also improved scalability.
How likely is an ATH retest?
With current momentum, a 15% push from $4,200 would hit $4,870. But markets rarely MOVE in straight lines—expect volatility.
Should traders watch ETH/BTC or ETH/USD?
Both! ETH/BTC strength often precedes USD rallies. The pair’s 70% 3M gain suggests altcoin season isn’t dead.
