Ethereum (ETH) has been struggling to gain momentum lately. The asset failed to generate traction despite the US SEC approving ETH ETFs last year. Bitcoin (BTC), on the other hand, hit a new all-time high following the launch of its ETFs in the US.
ETH was down 1.4% on the daily charts, 5% on the weekly charts, 3.6% on the 14-day charts and 11% month-to-month. Despite the decline, the asset has maintained some gains on the annual charts, rising 37.4% since January 2024.

Will Ethereum hit a new record high?

ETH is down 32.8% from its record high of $4,878.26. Supply peaked in November 2021.
According to prominent cryptocurrency analyst Ali Martinez, ETH is following an ascending parallel channel. The analyst believes the $2800 level could push the asset to $6000, a new all-time high. Reaching $6000 from current price levels will mean a rally of around 82.8%.

Market rally this month?
The cryptocurrency market may enter another bullish leg at the end of this month. US President-elect Donald Trump will be inaugurated on January 20, 2025. Trump’s pro-crypto stance could spark another market-wide rally. Ethereum (ETH) may soon rise to a new yearly high. How the market performs over the next few days remains to be seen.
There is also a possibility that ETH does not break out after Trump’s inauguration. The economic status of the US may push back an early rate cut. This can scare investors away from risky assets.