Can Ethereum touch $4,000? Crypto Assets analysts say the ETH rally is far from over

Ethereum is gaining momentum, with the second-largest Crypto Assets Token breaking above the $3,000 resistance level for the first time since 2021. Interestingly, the Crypto Assets analyst believes the rally is far from over, as he highlighted a key price level, where ETH could rise soon.
Crypto Assets analyst Altcoin Sherpa said in an X (formerly Twitter) post that Ethereum could rise to $4,000. When one considers Crypto Assets analyst Bitcoin Ape's recent analysis of Ethereum from a technical analysis perspective, his predictions look doable.
Bitcoin Ape noted in his X post that the ADX (Average Directional Index) indicator is currently "very high", indicating a strong bullish trend for ETH. In fact, this bullish momentum could be very strong, as the crypto Token has broken through the $3,130 price level, which Bitcoin Ape highlighted in his post as a new resistance level for ETH.
Interestingly, the analyst noted that Ethereum has already faced four resistance levels in February alone and has so far broken through all resistance levels and broken through the $3,130 mark. Although Bitcoin Ape failed to give a short-term forecast for ETH, he expects the crypto Token to hit an all-time high of $4,891 (ATH) when the Bull Market returns in full.
Meanwhile, Altcoin Sherpa isn't the only one who believes ETH will rise to $4,000 soon. Standard Chartered also predicts that crypto Token will reach this price level by the time Spot Ethereum ETF is approved in May.
Crypto Assets analyst Rager also recently made a bullish forecast for the price of ETH, although he set a short-term target of $3,500. However, he added that this price level is just the beginning and said it is not yet "the highest point anyway".
There is reason to believe that Ethereum's current bullish momentum is not due to the Bitcoin price spike, as the Ethereum ecosystem also has the potential to drive Ethereum's rise story. First, the Ethereum network's "Dencun" upgrade will take place on March 13. This highly anticipated event is significant because it will bring about advancements in the scalability, security, and usability of the Ethereum network.
Meanwhile, discussions about a possible approval of a Spot Ethereum ETF in May have excited investors, who have opted to double down on the second-largest Crypto Assets Token in anticipation of such a scenario.
The increase in interest in ETH is expected to trigger a significant price rally ahead of the May deadline, when US SEC will have to approve or reject VanEck's Spot Ethereum ETF application.
(Source: Scott Matherson)