Ethereum (ETH) Eyes $4,000 As Bulls Target Fresh Highs

• Ethereum’s price has surged above $2,800 amid a broader crypto market uptrend.
• Anticipation surrounds ETH due to reports of a potential spot Ethereum ETF.
• Analyst Michael van de Poppe suggests that momentum may shift from Bitcoin to Ethereum,

The Ethereum price has powered above $2,800 as the wider crypto market uptrend gains momentum. With Bitcoin also attempting a fresh breakout, market participants seem highly bullish on Ether’s outlook – anticipating a move towards $4,000.

Anticipation hovers over ETH amid reports of a potential spot Ethereum ETF mirroring Bitcoin’s trajectory. Forecasts like Standard Chartered’s over 70% price rise projection to $4,000 by summer are further stoking this bullish fervor.

However, closer examination reveals nuances amidst the excitement, drawing parallels to Bitcoin’s journey after its own ETF approval.

Regardless, Ethereum has continued to display acute price strength lately. With a slight Bitcoin uptick, analyst Michael van de Poppe believes ETH may eventually eclipse $4,000.

Momentum may shift from Bitcoin to Ethereum

He compares both assets’ recent runs: while Bitcoin rallied from $45,000 to $52,000, Ethereum traded relatively flat. Hence, momentum may shift from BTC to ETH once the former cools after its parabolic move. With ETH strengthening towards $3,500–4,000, this rotation could soon play out.

Currently, skepticism remains around Ethereum hitting ambitious $4,000 milestones in the short term, given historical trends and lingering market instability.

However, technicals suggest such levels could be reached faster than anticipated. Having broken above its rising channel’s upper resistance, the path directly to $3,000 now looks open. Establishing this key level may override bearish influences and unlock new all-time highs above $5,000 before 2024.

So while $4,000 may still be a tall order over the coming weeks, Ethereum’s strengthening uptrend shows the potential. If the macro environment remains constructive, bulls have their sights firmly set on retesting former record peaks later this year.