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As Ethereum (ETH) continues to slowly turn crucial resistance levels into support, some analysts consider that the King of altcoins could be running out of time for a new all-time high (ATH) this cycle.
Ethereum Closes April In Red
Over the past week, Ethereum has attempted to reclaim the $1,800 mark, hovering between the $1,770-$1,820 price range. In the past 24 hours, the cryptocurrency has seen a 5.5% jump, breaking above the key resistance and last week’s high of $1,850.
Amid this price action, ETH retested the $1,860-$1,870 range for the first time in one month, and closed April just 1.56% below in opening price. Nonetheless, Ethereum’s negative monthly close marked the fifth consecutive month in the red for the cryptocurrency.
The king of Altcoins has been recording monthly negative returns since December, its worst-performing streak since 2018, and closed the first quarter of 2025 with a 45.4% retracement.
Analyst Carl Runefelt noted this performance, noting that “the good news is that historically, May is the most positive month of the year for ETH.” In general, it has been one of the best-performing months for Ethereum, registering an average 27.31% increase in May.
Additionally, the second quarter has been a positive period for cryptocurrency, closing Q2 in the green seven out of nine times. Despite its negative April close, Ethereum registers a mild 2.15% positive return this quarter so far, which could suggest that the cryptocurrency could continue its current performance if history repeats.
Another market watcher considers that ETH’s price is displaying a similar performance to Bitcoin’s (BTC) 2020 rally. At the time, “Bitcoin consolidated at $8K… Most ignored it. Then it hit $64K.”
According to Merlijn The Trader, “Ethereum is showing the exact same structure. Accumulation. Compression. Explosion loading.” However, this would suggest another pullback could come before a new ATH.
ETH To Skip ATH Rally This Cycle?
Meanwhile, analyst Crypto Bullet offered a not-so-bullish macro perspective. According to his post, the Ethereum mid-term correction is over after taking out the August-October 2023 lows, printing a “giant reversal candle,” and holding the mid-line of the multi-year descending Channel.
Based on this, he argues that ETH’s bottom is in, and a significant mid-term bounce will likely occur in the next few months, with a first target of $2,500.
Crypto Bullet noted that the surge could be either a Dead Cat bounce or the start of a new ATH rally, adding that it could be the former due to the cryptocurrency’s weak performance and how advanced the cycle is.
In that case, Ethereum could face a potential rejection at the $2,700-$3,000 range, but a bullish rally could start if it breaks through the $3,000 resistance and breaks out of the multi-year channel.
However, he also suggested that Ethereum could be “in a bigger cycle than we all think,” resembling cryptocurrencies in a “one cycle behind” performance. In a previous analysis, Crypto Bullet discussed the potential of ETH not hitting an ATH this cycle, noting XRP’s performance in 2021.
“So what if ETH cycle top is in and it’s gonna print a giant Accumulation Structure (a Triangle or a Zigzag) and break out of it, say, in 2028?” he questioned, concluding that investors would accumulate more energy for a breakout, and the targets would be significantly higher.
