Ethereum Nears Key 2021 Resistance, Potential for $8,000 in a Bullish Market

I observe that Ethereum is currently trading around the $4,200 level and is showing signs of regaining its weekly trend. It is approaching a level close to the one that sparked the 2021 bullish rally and drove ETH to its all-time high. When considering Bitcoin's price at $117,000, I see that if the ETH/BTC pair reaches the 2021 resistance levels, potential targets for Ethereum could be $6,421, $8,121, and $9,920. I am not factoring in the 2017 peak here because that level seems overly optimistic for now. Additionally, there's no certainty that ETH will reach the 2021 peak; it heavily depends on the relative strength and market dynamics between Bitcoin and Ethereum. Beyond this scenario, if Bitcoin's price advances toward $160,000, the peak levels for ETH may remain near or within the mid-range, reflecting a different market outlook. Particularly in a market where Bitcoin is consolidating or pulling back while Ethereum maintains strength, there's a high likelihood of testing high resistance levels. This potential growth can be attributed to factors such as ETF approvals, the expansion of Layer 2 ecosystems, increased staking yields, and rising DeFi activity. The most optimistic scenario I see involves Ethereum reaching its peak between $7,000 and $8,000, which aligns with a strong bullish trend considering current fundamentals and market activity.