Ethereum: new ATH then correction. The forecasts

The ATH of Ethereum

Yesterday the price of Ethereum recorded a new ATH after almost four years of waiting.

The previous all-time high was indeed in November 2021, when it surpassed $4,800 but failed to reach $4,900.

Yesterday, according to CMC data, it recorded a new high above $4,950, which currently constitutes the new ATH (All Time High).

It is worth noting that of the five main cryptocurrencies (Bitcoin, Ethereum, XRP, BNB, and Solana) only XRP has not yet updated its all-time highs in 2025.

The first was Bitcoin, which already in the first months of last year surpassed the all-time high of 2021, rising above $70,000 for the first time.

The second was Solana, which surpassed the 2021 highs at the end of 2024. Then it was BNB‘s turn in 2025.

To be honest, until a few months ago, many feared that Ethereum would not be able to update its all-time highs in 2025, due to a strong retracement that not only brought its price to levels lower than those of October 2024, before the Trump-trade, but even briefly below $1,500.

However, already in May, it suddenly returned to October levels, and on the wave of that momentum, by July it had already risen above $3,000.

It should be remembered that the high at the end of 2024 was slightly above $4,000, so already at the beginning of August, it had recorded the highest values of the last three years.

At that point, it was clear that a strong bullrun was underway that could also bring it back to its highs.

However, it should also be emphasized that the new all-time high recorded yesterday is only slightly higher than that of 2021.

The Correction

In addition, today with the reopening of traditional markets after the weekend, there was a small rise in the Dollar Index, probably not coincidentally, preceded by a correction in the price of Bitcoin.

BTC yesterday rose above $117,000, then temporarily repositioned just below $115,000.

Last night, however, it suddenly fell to $112,000, and subsequently fell below this figure, probably due to the reopening of traditional markets with a slightly strengthening dollar. The price trend of BTC tends to follow an opposite trajectory to that of the Dollar Index, so it is not at all strange that it fell last night.

This very drop in Bitcoin first brought the price of Ethereum below $4,800, and then also below $4,700.

It is worth noting that a very similar movement was also made by the so-called Total3, which is the capitalization of the entire crypto market excluding Bitcoin, Ethereum, and stablecoins (i.e., that of altcoins).

Therefore, it was indeed a comprehensive movement of the entire crypto market, which also had repercussions on the price of Ethereum.

The Dollar Index

At this point, it is necessary to ask whether the slight rebound of the Dollar Index last night could be lasting, and what else might influence the crypto markets.

While the price of Ethereum in recent weeks has moved on its own, without being too influenced by Bitcoin, last night it seems to have returned to following the general trend of the crypto markets, once again heavily influenced by BTC price movements.

This necessarily leads to analyzing the trend of the Dollar Index, which affects the price of Bitcoin, which in turn affects the entire crypto market.

To be honest, the Dollar Index has been following a downward trend that started in January and is theoretically still perfectly ongoing. It is precisely thanks to this downward trend of DXY that the price of BTC has risen over the months to record new all-time highs.

Moreover, theoretically, the downward trend of DXY could continue in the coming months, only it is not a linear and continuous trend. It is instead made of continuous ups and downs, only that in the end, the descents are more than the ascents.

At this point, today’s correction of the crypto markets could also be temporary.

The Parallel with 2017

Since the price trend of Ethereum seems to have resumed following the general trend of the crypto markets, primarily influenced by Bitcoin, it could be the price trend of BTC that indirectly influences ETH in the coming months.

The fact is that starting from last month, there is a parallel with 2017, but with a one-month advance.

Indeed, the July 2025 candle of Bitcoin’s price is very reminiscent of that of August 2017, when compared with the trend of the Dollar Index, and that of August 2025 is very reminiscent of that of September 2017, provided that the ongoing correction ends soon.

Therefore, if by the end of the month the price of BTC should return well above $115,000, and if in September it should record new highs, between October and November it could also take off, bringing ETH along with it.