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 | 78.8% | 42 | $57 317.30 | 6.05% | 0.30% | $1 082 493 482 173 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 82.4% | 32 | $4 329.98 | 7.71% | 4.10% | $513 241 890 424 |  |
|
| 3 |  BNB |
Binance Coin predictions | 74.4% | 53 | $609.13 | 5.53% | 7.08% | $101 603 589 194 |  |
|
| 4 |  USDT |
Tether predictions | 94.8% | 1 | $1.000821 | -0.05% | 0.02% | $73 181 280 297 |  |
|
| 5 |  SOL |
Solana predictions | 69.2% | 65 | $201.89 | 8.26% | -7.12% | $61 384 548 102 |  |
|
| 6 |  ADA |
Cardano predictions | 67.2% | 60 | $1.59 | 7.07% | -11.22% | $52 994 241 732 |  |
|
| 7 |  XRP |
XRP predictions | 74.4% | 51 | $0.977796 | 7.55% | -5.78% | $46 111 849 720 |  |
|
| 8 |  USDC |
USD Coin predictions | 91.2% | 2 | $1.000263 | -0.02% | 0.06% | $38 400 714 618 |  |
|
| 9 |  DOT |
Polkadot predictions | 66% | 75 | $36.34 | 10.39% | -9.36% | $35 892 371 416 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 62.4% | 74 | $0.205075 | 3.31% | -7.25% | $27 132 327 967 |  |
|
| 11 |  AVAX |
Avalanche predictions | 66.8% | 75 | $113.04 | 7.34% | -14.94% | $25 302 145 754 |  |
|
| 12 |  SHIB |
SHIBA INU predictions | 62% | 77 | $0.000040 | 5.31% | -9.51% | $21 695 676 622 |  |
|
| 13 |  CRO |
Crypto.com Chain predictions | 56% | 90 | $0.763021 | 5.29% | 12.83% | $19 276 211 216 |  |
|
| 14 |  LUNA |
Terra predictions | 64.8% | 72 | $48.97 | 15.39% | 19.64% | $19 240 048 048 |  |
|
| 15 |  WBTC |
Wrapped Bitcoin predictions | 74.4% | 46 | $56 434.66 | 5.79% | -0.91% | $14 304 839 863 |  |
