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 | 60.8% | 82 | $29 106.25 | -2.42% | 5.31% | $554 291 732 800 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 64% | 82 | $1 948.76 | -4.39% | 2.87% | $235 479 609 902 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $0.998927 | 0.01% | 0.45% | $74 133 574 134 |  |
|
| 4 |  USDC |
USD Coin predictions | 95.6% | 1 | $1.000000 | -0.02% | -0.02% | $52 342 870 112 |  |
|
| 5 |  BNB |
Binance Coin predictions | 63.2% | 83 | $295.00 | -1.85% | 22.08% | $48 166 486 706 |  |
|
| 6 |  XRP |
XRP predictions | 68% | 71 | $0.409415 | -4.38% | 13.13% | $19 792 398 575 |  |
|
| 7 |  BUSD |
Binance USD predictions | 93.6% | 1 | $0.999245 | -0.27% | -0.42% | $18 398 603 846 |  |
|
| 8 |  ADA |
Cardano predictions | 64% | 77 | $0.514791 | -8.42% | 17.73% | $17 375 510 992 |  |
|
| 9 |  SOL |
Solana predictions | 58.4% | 84 | $50.79 | -8.30% | 15.69% | $17 139 777 776 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 61.2% | 87 | $0.084252 | -5.17% | 11.85% | $11 177 788 099 |  |
|
| 11 |  DOT |
Polkadot predictions | 62.8% | 78 | $9.61 | -8.87% | 19.27% | $9 486 356 576 |  |
|
| 12 |  WBTC |
Wrapped Bitcoin predictions | 59.6% | 82 | $29 092.16 | -2.40% | 5.58% | $8 144 434 333 |  |
|
| 13 |  AVAX |
Avalanche predictions | 58.8% | 82 | $29.59 | -11.64% | 6.16% | $7 963 113 848 |  |
|
| 14 |  TRX |
TRON predictions | 73.6% | 55 | $0.071826 | -0.02% | -1.60% | $7 007 431 948 |  |
|
| 15 |  DAI |
Dai predictions | 95.2% | 1 | $1.000124 | 0.04% | 0% | $6 501 256 168 |  |
