At the time of writing ETH ($3,373.79) is at trading at $3,450, making a 2.63% gain in the last 24 hours. Amid this trend, the increased activity signals a potentially positive trend, with a rally toward $4,000  feasible by the end of Q4. Notably, Ethereum has surged over 40% since the Trump’s on November 6.

Source: Brave New Coin Ethereum Liquid Index, 

However, Ethereum’s price retracted over the next seven trading days after Trump’s victory, settling around $3,000 and erasing a large portion of its gains. However, the crypto market’s volatility created opportunities for strategic investors. In response, ETH saw a near 10% boost the day after the decline, rising to $3,357.

Despite this recovery, Ethereum displayed higher volatility compared to several other altcoins. Competitors like Ripple (XRP ($2.32)) and Cardano (ADA ($0.54)) showed stronger stability, earning recognition as the “tokens of the month.” This contrast raises concerns about Ethereum’s capacity to sustain its momentum amid competition from other major cryptocurrencies.

ETH’s $3,400 Resistance: A Key Test 

Meanwhile, Bitcoin has remained over the $94,000 level for the past five days, a period of consolidation often followed by a shift in capital towards Ethereum, the leading altcoin by market cap. However, Ethereum’s underperformance compared to its competitors suggests a potential shift in market dynamics. This could hinder ETH’s ability to maintain its price above the critical $3,400 resistance, a level last tested in mid-July before a decline to the $2,200–$2,600 range.

On-chain volume surged to $7.3 billion in just under two weeks, signaling heightened selling pressure. Ethereum may now be entering a consolidation phase, which often precedes a breakout if key conditions are met. Large HODLers must begin accumulating to absorb the selling pressure, and Bitcoin needs to surpass the $100,000 resistance to maintain market momemtum. 

Should these conditions materialize, ETH could see further demand and a potentialbreakout to $4,000 seems more probable without such developments.

Is $5,300 Ethereum’s Next All-Time High?

Alan Santana, a prominent crypto analyst on TradingView, has shared strong long-term predictions for Ethereum. He compares Ether’s influence to air, describing it as weightless yet all-encompassing, emphasizing the currency’s potential to permeate every facet of the market. Analyzing Ethereum’s long-term weekly chart, Santana notes the cryptocurrency market’s consistent progress.

Santana invites debate on Ethereum’s future price targets, asking whether the asset could reach $11,300 or $15,300. He offers further possibilities, suggesting $7,300, $11,300, or $15,300, with a bold prediction of $5,300, representing a 60% increase and a new all-time high from its current position.

Source: Alan Santana on X

Let’s argue, $11,300 or $15,300? “I have a better explanation, of course. I considered another option. Choose from $7,300, $11,300, or $15,300… You know what? $5,300 will be easy, representing a 60% increase and a new All-Time High from the current price,” said Santana.

At the time of writing, ETH is trading around $3,436.73, marking a 8.16% increase over the past seven days despite minor corrections. These movements bolster optimism regarding Ethereum’s trajectory. Santana’s assertion that $5,300 is a feasible target adds to the anticipation of Ethereum achieving a new all-time high in the foreseeable future.