Ethereum nears its own all-time high as ETH price retakes $4K
![Ethereum nears its own all-time high as ETH price retakes $4K](https://top-crypto.io/wp-content/uploads/2021/10/Ethereum-nears-its-own-all-time-high-as-ETH-price-retakes-1024x682.jpg)
Ethereum’s native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.
Ethereum breaks $4,000, nearing new all-time high
ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency’s run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.
According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% linear positive correlation between the two assets.
As a result, Bitcoin’s ability to enter price discovery opens up similar prospects for Ether, which still trades a few hundred dollars below its current all-time high of $4,385.
Related: This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4
“If BTC broke to new all-time highs, I don’t see why ETH wouldn’t,” commented Rekt Capital, an independent market analyst, adding:
“Turn ~$4,000 into support, and ETH will levitate towards $4,400 for a break to new All-Time Highs.”
ETH price ascending triangle setup
ETH’s latest pump boosted its year-to-date profits by almost 450%, compared to Bitcoin’s 130% returns in the same period. That also raised the possibility of Ether posting better gains than Bitcoin in the coming sessions, thereby achieving levels much higher than Rekt Capital’s $4,400-target.
On Wednesday, ETH price broke above the Triangle’s upper trendline. Nevertheless, the move upside accompanied lower trading volume, which could see ETH retest the trendline as support in the near term.
![](https://s3.cointelegraph.com/uploads/2021-10/f3c5e166-e3c9-47f2-a565-6356b69bab4d.png)
As Cointelegraph reported earlier, ETH had been painting an Ascending Triangle structure with a $6,500 upside target.
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