ETH price nearly reached its all-time high (ATH) level this evening as it surged to $4,849. Although it missed setting a new ATH by just $20, the bullish momentum remains strong with daily gains exceeding 12%. In ETHBTC pairing, bulls are exhibiting a positive outlook. What does the future hold for Ethereum’s price?
Future Projections for Ethereum’s Price
In the TRY pairing, ETH is racing toward new peaks, nearing the 200,000 TL mark. On the USD front, ETH has hit $4,869 and has shown significant bullish movement in the ETHBTC pair. An analyst, known by the pseudonym TraderSZ, shared a chart suggesting potential price targets for investors. With the first goal being the ATH, the phase of price discovery for the real summit will commence next.
According to the analyst’s predictions, the two significant targets are $6,833 and $9,530. Achieving these is plausible, especially if BTC can potentially double its peak of $69,000 due to ETH’s relatively lower market cap making it easier for ETH to reach these milestones.
The price discovery phase remains preeminent. Analyst Noach, however, adopts a cautious stance, advising investors of the impending risks.
“The market is offering you another chance to realize your profits. No one knows what tomorrow holds. Does anyone recall surrendering all profits during the 2024 round? Avoid such scenarios. This is a reminder to sell a portion and secure your gains! Selling at $4,850 presents a good opportunity. Can it reach $5,000 or $5,500? Yes, but securing a portion as profit is wiser.”
We’ve previously noted the rally in the ETHBTC pair, targeting the 0.04 BTC level. As conditions improved today, a significant bullish candle formed, breaching resistance. Should we witness closures above 0.042, it indicates Ethereum 
$2,335 entering the price discovery phase.
Possibility of Interest Rate Cuts
The expectation of a September interest rate cut in prediction markets, which had dropped to 61%, has swiftly rebounded to 80%. This rapid turnaround, after gradual declines, confirms the Fed’s monetary policy will no longer be stifling. Thus, unless new major nightmares/surprises affect cryptocurrencies, the short to mid-term outlook seems favorable for bulls.
