#ETH4500Next?
Ethereum (ETH) broke past the $4,000 mark for the first time since Dec. 9 as interest in the digital asset continues an uptrend that began in late June. Data shows that ETH traded at $4,050 at 1:20 p.m. EST on Aug. 8, a gain of approximately 6% in 24 hours and nearly 10% over seven days.
Despite surging more than 50% in the last 30 days, the digital asset was at the time of writing approximately 17% below its all-time high of $4,878.26 set in November 2021. Still, this recent price action is seen positioning the digital asset at a critical juncture, with one technical analyst identifying the current level as an “extremely” important point of resistance.
The market’s ability to either break through this ceiling or be rejected by it will likely determine ETH path for the foreseeable future. One analyst, Satoshi Stacker, noted that ETH had previously been rejected at this level six times, resulting in a 30% to 75% decline each time. However, the only time it surpassed this mark, it went on to set an all-time high, the analyst added.