ETH could target $5K all-time high after breaking $3,500

An analysis suggests that Ethereum could reach a new all-time high of $5,000 if it surpasses the $3,500 mark. Cointelegraph reported that ETH has broken above its key 50-week moving average on the weekly chart, noting that historically, strong rallies have followed such a breakout. For instance, the token surged 147% from October 2023 to March 2024 after a similar move. Separately, analyst StockTrader_Max observed that ETH has also climbed above its 50-day moving average on the daily chart. The analyst suggested that if ETH breaks its 200-day moving average at $3,500 in the coming days and establishes that level as support, its next target would be the all-time high of $5,000.