Ethereum has crossed the $4,300 threshold, peaking at $4,249 before settling at $4,208 at the time of writing. This is the first time ETH has traded above $4,200 since late last year, sparking renewed optimism among traders and investors. Popular trader and analyst Merlijn believes that the current move could be the start of a major rally, potentially leading to a new all-time high and even a $20,000 target in the near future.
Merlijn’s analysis shows ETH/USD trading within a long-term rising price channel that has been relevant for over seven years. The last touch of the channel’s upper boundary in November 2021 coincided with Ethereum’s previous all-time high of $4,875. He now projects that a third touch could push ETH to $20,000, with the possibility of breaking beyond the channel for the first time in its history. “Momentum is coiling. RSI is reset. The ignition sequence is armed. Next stop? Straight to the top of the channel and beyond,” Merlijn said in a recent X post.
Further strengthening the bullish outlook is a golden cross signal on the ETH/BTC trading pair. This technical event, where the 50-day moving average crosses above the 200-day moving average, last appeared in early 2020 before Ethereum significantly outperformed Bitcoin for two years. Merlijn notes that 2025’s conditions are even more favorable due to Ethereum’s Proof of Stake upgrade, increased Layer 2 adoption, and growing institutional participation. These factors have improved staking yields and widened investor interest, providing a stronger base for potential ETH outperformance.
Despite a 15 percent weekly gain against Bitcoin, ETH/BTC remains near its yearly opening level. To revisit its 2021 peak of 0.0883 BTC, Ethereum would need another 150 percent gain versus Bitcoin. Traders like BitBull, however, believe that new USD all-time highs could be just weeks away if Ethereum maintains its current momentum and closes the week strongly above $4,100.
