Ethereum nears its own all-time high as ETH price retakes $4K
The 30-day correlation between Ether and Bitcoin remains at 0.81 above zero. 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. 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.
"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.
As Cointelegraph reported earlier, ETH had been painting an Ascending Triangle structure with a $6,500 upside target.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 82.4% | 30 | $62 164.65 | -0.16% | 2.12% | $1 228 688 676 125 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 78% | 41 | $2 439.44 | 0.66% | -0.47% | $293 658 971 325 |  |
|
| 3 |  USDT |
Tether predictions | 91.6% | 1 | $0.999407 | -0.05% | -0.06% | $119 786 207 474 |  |
|
| 4 |  BNB |
Binance Coin predictions | 83.2% | 33 | $580.58 | 2.77% | 5.89% | $84 725 328 378 |  |
|
| 5 |  SOL |
Solana predictions | 73.6% | 45 | $143.42 | -0.61% | -1.32% | $67 300 582 072 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000269 | 0.01% | 0.01% | $35 067 275 336 |  |
|
| 7 |  XRP |
XRP predictions | 76.4% | 43 | $0.530852 | 0.17% | -11.17% | $30 070 162 104 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 83.6% | 30 | $0.107094 | -1.74% | -0.07% | $15 666 453 896 |  |
|
| 9 |  TRX |
TRON predictions | 94.8% | 1 | $0.159821 | 2.52% | 4.01% | $13 835 849 351 |  |
|
| 10 |  TON |
Toncoin predictions | 82.4% | 31 | $5.20 | -0.20% | -3.37% | $13 188 404 059 |  |
|
| 11 |  ADA |
Cardano predictions | 79.6% | 35 | $0.344643 | -2.04% | -2.27% | $12 049 085 698 |  |
|
| 12 |  AVAX |
Avalanche predictions | 69.6% | 55 | $26.35 | -0.99% | 1.67% | $10 710 900 031 |  |
|
| 13 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 92.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 15 |  SHIB |
SHIBA INU predictions | 58.4% | 94 | $0.000017 | -1.56% | 4.88% | $10 163 622 585 |  |
