ETH Price Prediction: Factors Suggest That ETH Might Recover To Its Previous ATH

While BTC is making rounds and breaking all-time highs, things look choppy for ETH. It has been three years since ETH reached an all-time high, despite ETH being the second largest crypto asset in the world.  It seems like the second-biggest crypto token is struggling to keep up with the broader market. However, some analysts believe crypto can finally flip this slump into something positive and push its price toward the $4,867 mark due to some important factors.  

Strong Support 

As revealed by Trading View, ETH might not be reaching an ATH situation, but it does show a bullish uptrend. This bullish uptrend can push the crypto price toward the $4,878 mark. ETH is currently nearing a key inflection point. The inflection point is just above a multi-year support line. Historic data shows that ETH has always rebounded from this trendline. Therefore, this trendline strongly supports the token.  

Subsequently, the strength of this line is reinforced by crucial Fibonacci levels that have worked as inflection points for major Ethereum rallies. ETH is hovering just above the 14.6% Fib retracement zone. This zone has worked as a strong bullish reversal zone for the coin. Therefore, there is a hope that the token will recover its value once it hits this level. On top of that, the monthly EMA of the token is currently at 55, marking tendencies of long-term bullish sentiments.  

Triangle Formation 

Analysts have also noticed that ETH has been trading inside a triangle pattern for a few months. This pattern generally suggests a consolidation period followed by an explosive move on either side of the graph. However, looking at the retracement data, it is highly likely that the price would move upward. 

If this happens, ETH could easily break the $4000 mark and head towards its older All-time high as it was three years back. However, the crypto community is volatile, so anything can happen.