As Bitcoin hits a new all-time high, driven by safe haven investments amid a U.S. government shutdown and a weakening dollar, Ether has also shown promising recovery, now only 7% shy of its former peak.

Currently, ETH is struggling to break past the $4,600 resistance and is sitting at $4,500. However, despite this, analysts believe it remains ready for a potential breakout into a new price regime.

“Ethereum is going through this pattern like it’s right out of a textbook,” said crypto analyst ‘Moustache’ on Sunday. Translation: “Ethereum is displaying a classic chart pattern, indicating a bullish trend ahead.”

He noted a descending broadening wedge forming over the past year and a half, a pattern that typically precedes a significant upward move, with a target prediction for ETH set at $12,000.

Ethereum Chart Pattern

Ethereum Price Predictors

If ETH doubles its price in the coming months, altcoins could also experience major surges, Moustache added.

Meanwhile, analyst ‘Mister Crypto’ has pointed out the current market setup as a “textbook bull flag setup”, aiming for a potential target of $6,800.

The crypto community is rife with talk of Ether’s upward potential, with Web3 influencer ‘ZYN’ asserting,

“Institutional adoption is on the rise, with major investments coming in, even as ETH remains at 2021 highs.”
Translation: “ETH has enormous potential due to increased institutional interests despite being at previous peak levels.”

A Bullish Outlook?

Analyst ‘Ash Crypto’ emphasized that should ETH align with the global M2 money supply, its value could exceed $15,000 in this cycle.

Conversely, Bitcoin maximalist Samson Mow cast doubt on Ethereum’s price trajectory, claiming:

“The only thing keeping ETH at these levels is the Korean retail investor.”
Translation: “Korean retail investment is the primary support for ETH’s current value.”

Despite the criticism, Tom Lee humorously embraced the naysayers by branding himself as “ETHtarded” after someone labeled his bullish ETH thesis as foolish.

“In #crypto, being ‘retarded’ is a compliment… I’m proud to be ETHtarded,” he tweeted.
Translation: “In the crypto community, unconventional wisdom is often celebrated—I’m proud to embrace my bullish view on ETH.”

Overall, as Bitcoin sets the stage, Ether is positioned to make its mark in the crypto landscape. Expect volatility, but many are optimistic about reaching five-figure ETH prices soon.