Ethereum Price Maps Road to $12,000 as Key Resistance Cleared

Ethereum's price has cleared a key resistance level of $2,500, according to analyst John Gillen. This milestone opens up the possibility for Ethereum to reach $3,000 next and eventually $10,000 to $12,000 over the next two years if certain conditions are met.

Gillen notes that Ethereum is harder to predict than Bitcoin due to its sharp price swings and lack of a set pattern. He lays out a step-by-step roadmap for Ethereum's potential price growth:

First, Ethereum must hold above $2,500, then it can target $3,000, which Gillen expects to arrive 'pretty quickly'. Next comes the historical ceiling at $5,000, which Ethereum has reached twice without breaking through. Once cleared and held above $5,000, Ethereum enters price discovery, where no one can confidently say where the top sits.

Gillen attributes Ethereum's potential breakout to its delivery on promises made in its early rallies between 2015 and 2021. The network has successfully transitioned from proof of work to proof of stake without downtime, and a steady stream of institutions are launching products on Ethereum. This positions the network at the top of its five-year range and turning a long downtrend against Bitcoin.