Ethereum’s current pricing and analysis (ETH to USD)

Ethereum’s recent barnstorming run has continued, with the cryptocurrency rising to an all-time high of $4,642 before settling at $4,500.

Since September 22, when it sank to a low of $2,650, the world’s second largest cryptocurrency by market cap has stayed on a steady climb, gaining 71 percent in less than six weeks.

In what many are dubbing a new ‘alt season,’ momentum appears to have shifted from Bitcoin to major altcoins like Ethereum, Polkadot, and Solana.

While the altcoin market has the upper hand, it’s worth remembering that if Bitcoin falls from its lofty perch above $60,000, the entire market might implode owing to an influx of leveraged long holdings.

Bitcoin now has a market capitalization of $20 billion. This level of open interest has only occurred twice in the last several months, and both times it was followed by a sharp drop to the downside as over-leveraged long bets were squeezed.

From a technical standpoint, finding a negative argument for Ethereum when it has just shattered its previous record high on compelling volume is tough. It’s now predicted to retest the previous high before continuing to rise, with possible objectives much beyond $5,000.