Ether Targets $5k after Surpassing the $4,700 Resistance Level

Ether, the world’s second-largest cryptocurrency by market cap, could rally towards the $5k level after surpassing the $4,700 resistance mark earlier today.

Ether Could Rally Towards $5k

Ether has been one of the top-performing cryptocurrencies since the start of the year. Its market cap has grown enormously since the start of 2021 as the cryptocurrency saw its price increase by more than 10x during that period.

Earlier today, ETH reached a new all-time high at $4,796, up by more than 4% over the past 24 hours. Although it is not the best performer amongst the top ten cryptocurrencies by market cap, ETH’s price is closing in on the $5,000 mark.

Numerous news contributed to Ether hitting a new all-time high. Bakkt is set to launch Ethers futures trading services. The New York Stock Exchange-backed platform has previously focused on only offering Bitcoin futures services to its clients. Ether 2.0 continues to develop and is set to be launched by next year.

Ether’s current technicals support an upside outlook, with the cryptocurrency’s price currently targeting a rally towards its prevailing ascending channel’s resistance trendline, between the $4,800 and $5,000 area.

If ETH maintains its current momentum, then it would only be a matter of time before it tops the $5k level for the first time in its six-year history. Bernhard Rzymelka, global markets managing director at Goldman Sachs, predicts that Ether could rally to $8,000 before the end of the year if the cryptocurrency keeps tracking inflation expectations.

Total Market Cap Now at $3 Trillion

The cryptocurrency market has experienced massive growth since the start of the year. The increasing adoption by retail and institutional investors has pushed the prices of Bitcoin and other cryptocurrencies to new highs in 2021.

At the time of writing, the total cryptocurrency market cap has hit $3 trillion for the first time. This comes at a time when BTC is trading above $66k per coin while Ether is targeting the $5k level. The total cryptocurrency market cap could reach $4 trillion over the coming months if the Bull Run continues.