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Ethereum, the second-largest cryptocurrency, has quietly risen above $4,000, reaching its highest level since November 2021. ETH reached an intraday high of $4,093 on Tuesday before falling.

At the time of writing, ETH was down 0.37% in the last 24 hours to $4,006. At current prices, ETH is currently 17.51% away from its all-time high of $4891, set in November 2021.

While eyes are peeled to determine Ethereum's next move; enthusiasts expect ETH to take on its all-time highs of $4,891 and subsequently the $5,000 level.

According to crypto analyst Ali, Ethereum's path to $5,000 looks increasingly clear as resistance thins. However, the journey might not be as smooth as it seems, as a critical barrier lurks within range.

As Ethereum charts its course toward the coveted $5,000 mark, it faces a formidable obstacle in the form of a supply zone comprising 1.63 million ETH. This hurdle, positioned strategically at a key resistance range, has captured the attention of traders and analysts, presenting a challenge to Ethereum's upward momentum.

However, if buyers fail to overcome this obstacle, Ethereum's price may struggle to sustain its upward trajectory, potentially leading to a period of consolidation or price correction.

In good news for the ETH network, Dencun, the most-awaited improvement since the merge, is slated to arrive within the next 24 hours, promising to drastically lower layer-2 transaction fees.