As Bitcoin Rallies, When Will Ethereum Price Hit All-Time High?

Bitcoin recently surged to a new all-time high of $75,337, driven by Donald Trump’s win in the U.S. presidential election. This political shift has fueled Bitcoin’s momentum, while other cryptocurrencies, like Ethereum, haven’t been able to match its performance. Ethereum (ETH), for instance, is currently trading at about 50% below its previous high of $4,876, which it last reached during the 2021 bull market.

Ethereum Has Had a Tough Year

2023 has been rough for Ethereum. Many expected the Ethereum ETFs launched in July to spark a rally, but instead, the asset saw negative outflows, dragging its price down by 30%. This came as a disappointment to investors who hoped for a bullish turnaround similar to Bitcoin’s.

While Bitcoin is reaching new heights, Ethereum has been moving in a downward price channel. Despite a generally positive market, Ethereum lacks the push needed for a big breakout. The daily charts show a steady downtrend, and every attempt to rise has been met with heavy selling.

Currently, Ethereum is testing a significant barrier around $2,650. If ETH manages to break this level, it could gather some momentum, but the next challenge would appear at $2,750, where past rallies have stalled.

Ethereum’s Selling Pressure Limits Gains

In recent months, Ethereum has faced steady selling pressure, especially from large holders, making it hard to move up. Since late summer, Ethereum has struggled to hold important price levels, which has led to a more discouraging outlook, especially compared to Bitcoin’s steady rise.

This difference shows how the market is focused on Bitcoin’s strong momentum, leaving Ethereum in a difficult position, unable to keep up. For now, Ethereum’s future seems unclear unless the market starts to favor it more.

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Key Levels to Watch: Can Ethereum Hold Support?

Ethereum is currently standing at a crucial point, if it fails to break past the $2,620 resistance, it might start to drop again. The first level of support on the downside is around $2,520, followed by stronger support near $2,500.

If the price falls below $2,500, it could drop further to around $2,450. A bigger decline could push it to the $2,320 support level, with the next major support at $2,350.

However, if Ethereum breaks above the $2,720 resistance, it could signal more gains. In that case, Ether might rise towards the $2,750 resistance zone.

For now, Ethereum remains in Bitcoin’s shadow, waiting for its moment to reclaim the spotlight.