Ethereum (ETHUSD) just crossed $4,600 — its highest level since December 2021 — and traders are buzzing about whether it can reclaim its previous all-time highs north of $4,800, set in 2021. 

In this clip from the latest Market on Close, “Twitter Tom” is firmly in the bull camp, calling for new highs within the next three months. John Rowland, CMT, however, warns of a possible triple top — a classic bearish reversal pattern that could slow the rally.

With ETF inflows, whale accumulation, and strong technical momentum, the stakes couldn’t be higher. Is Ethereum about to break through and run higher, or will resistance win this round?

The Bullish Case: Tom’s Take

Tom points to Ethereum’s underperformance relative to Bitcoin (BTCUSD) as fuel for a catch-up rally. While Bitcoin has soared past its prior cycle highs, Ethereum still hasn’t hit its all-time high from 2021. That gap, combined with improving technicals, makes him confident ETH will push past $5,000 within the next three months — and potentially much sooner.

ETF approvals, DeFi expansion, ongoing stablecoin expansion, and network growth add to the bullish backdrop. Tom even hints that Ethereum could follow Bitcoin’s path and enter a strong parabolic phase.

The Bearish Caution: John’s View

John acknowledges the bullish momentum, but warns traders to watch the chart closely. The current pattern could be forming a triple top, which historically signals strong resistance and a possible reversal. 

ETH has broken out above its 2024 highs for now, but is technically overbought and pulling back today. If Ethereum fails to clear previous double-top resistance decisively, it could lead to a deeper pullback before any sustained breakout.

Why Now Matters

Ethereum has broken through the $4,000 barrier after a multi-year trading range, liquidating $215M in short positions in just 24 hours. Analysts are calling for upside targets ranging from $6,200 in the short term to as high as $15,000 by year’s end, according to Fundstrat’s Tom Lee. 

So will ETH find new highs, or will a triple top rain on the bulls’ parade?

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Watch the quick clip here:

Check out the full Market on Close episode to see more from Tom and John. And to make sure you don’t miss a livestream, turn on email notifications.