Ethereum is knocking on the door of a new all-time high, with its price now hovering around $4,729, just 3% shy of its all-time high of $4,891 set on November 16, 2021. The crypto has already surged more than 80% over the past year, fueled by investor confidence and growing use cases across the blockchain space. BitMine chairman Tom Lee recently raised his price target from $10,000 to $16,000, while Etherealize CEO Vivek Raman has gone even further. Raman says Ethereum could evolve into a core part of the world’s financial and non-financial infrastructure, the “digital oil” powering global transactions. His vision places ETH as a potential $10 trillion asset, translating to a staggering $80,000 per coin in the long term. In an interview with Coinage, he said, “I think we have to dream a lot bigger. I think we’re building the infrastructure for the whole global economy.” According to Raman, the market often underestimates Ethereum’s potential because of past setbacks, including the FTX collapse and prolonged underperformance. However, he argues that ETH’s role as a settlement layer for new digital economies will only grow. Interestingly, some Bitcoin mining firms are already pivoting to become Ethereum-focused treasury companies, signaling confidence in ETH’s future dominance alongside or even over Bitcoin. It’s all connected. The NFT market is a perfect example of an entire industry built on Ethereum. Here’s our report on how the ETH rally has boosted the NFT space. Ethereum Short-Term Price Analysis Ethereum is trading just below its all-time high of around $4,850, with the current price hovering in the $4,720–$4,760 range. Analysts are watching a key short-term price target zone between $4,762 and $5,121. This range marks the next resistance levels Ethereum must clear to confirm a breakout. Source: TradingView On the downside, immediate support sits between $4,473 and $4,631. Holding above this range keeps the current uptrend intact, while a break below could mean a short-term top. New political tailwind? This rally is also happening against a surprisingly pro-crypto political backdrop. Here’s our report on President Trump’s latest moves. If Ethereum maintains its current pace, it could not only surpass its all-time high but also begin a new phase of price discovery, opening the door to even higher targets later in the cycle. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.