Ethereum was on the verge of a surge to $5,000 when the move was stalled earlier this week, but the possibility of such a move may be here again.
A crypto analyst on 8 October said the coin may be ready to explore new all-time highs if it holds a key support level long enough.
Whether the second largest asset will succeed in holding this level depends on several factors which are discussed below.
$4,350 to the rescue
While the hopes of reaching $5,000 may be in the limbo temporarily, the analyst believes that Ethereum can break to new price levels if it holds the $4,350 price level.
If the coin is able to establish this level as a strong support, the next price target will be $5,200, the analyst claims.
Ethereum has enjoyed some positive sentiment from investors recently and like every other coin, such sentiment can be a positive force for the price.
Data shows that the supply of the coin on exchanges is on a rapid decline, which usually means that investors are withdrawing their holdings to personal wallets in anticipation of good days ahead.
Similarly, investors have been buying ETH massively in addition to significant ETF inflows this week. BlackRock reportedly bought roughly $150 million worth of ETH just yesterday, among many other such purchases
Hope strengthens
With such bullish activities, Ethereum may finally push through and start exploring new price levels in the coming days and weeks.
Meanwhile, the coin has been in consolidation since October began, but could not build enough momentum to break out.
Some analysts have already predicted that it can reach $10,000 this cycle, but that remains to be seen as the market can be unpredictable.
What do you think?
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