Ethereum (ETH) has recently shown impressive performance. Since 2024, ETH has not only reached new highs on the weekly chart but has also broken through the weekly expansion pattern. Currently, the only remaining resistance in the market comes from the high supply zone of 2021.

Currently, ETH is actively absorbing the remaining supply in this area. This is already the fourth attempt to break through the historical supply zone, so many analysts believe that the likelihood of breaking new highs is relatively high. If the breakthrough is successful, the long-term target price may fall between 5800 and 6800.

However, if this fails again, the situation may become severe. After all, if even the historical supply from four years ago can continue to suppress the market, it may indicate that market demand has severely depleted.

Nevertheless, most market participants remain optimistic. They believe that, considering Ethereum's continued innovation in blockchain technology and decentralized applications, as well as the overall development trend of the cryptocurrency market, ETH still has significant upside potential.

Regardless, investors should closely monitor the upcoming market trends, as this could be a pivotal moment in determining the future trajectory of Ethereum. At the same time, it is important to manage risks and optimize asset allocation to cope with any potential market fluctuations.