Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200

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As a seasoned crypto investor with over five years of market experience under my belt, I must admit that watching Ethereum’s (ETH) dance with the resistance levels has become quite the rollercoaster ride. After a long week of sideways movement, today’s 5% surge to retest the $3,200 level feels like a breath of fresh air.

After a seven-day period of stability, the price of Ethereum (ETH) has started to fluctuate again. In just the past hour, there’s been a 5% increase in the value of this second-largest cryptocurrency, pushing it back toward the significant $3,200 mark. Some analysts predict that ETH could soon approach its Q1 peaks and initiate an altseason.

Ethereum Retests Key Support Level

As an analyst, I’ve noticed a significant amount of critique directed towards Ethereum (ETH) in comparison to Bitcoin (BTC). The concern among investors is that ETH might not reach new peaks during this market cycle. Currently, ETH seems to be moving laterally while Bitcoin continues its price exploration phase.

Thursday morning saw Bitcoin approaching the $100,000 milestone, having surpassed its most recent record high (new peak) by more than $98,000. Meanwhile, Ethereum maintained its position within the mid-tier of its weekly price range between $3,000 and $3,200.

Currently, Ethereum is experiencing a significant surge, trading at levels above $3,200 after a 5% increase within the past hour. Just a week ago, Ethereum surpassed the $3,200 threshold for the first time in over three months, reaching as high as $3,400 before experiencing a 5% dip.

Over the last seven days, Ethereum has made several attempts to transform its previous resistance at $3,200 into support, but has been unsuccessful on two occasions. However, today’s surge in price has allowed ETH to break through this significant barrier and move towards the central part of the $3,300 range, reviving optimism among investors about Ethereum.

According to Analyst Crypto Yapper, it’s predicted that Ethereum will experience a significant leap beyond $3,200 in the near future. This price point has served as a key resistance level for the past week, and the analyst believes that after a period of consolidation, Ethereum may revisit this level. If successfully conquered, Ethereum could potentially surge towards the $3,500 mark.

If Ethereum’s resistance doesn’t convert into support, it might be possible for its price to drop below the current support at around $3,000-$3,100, moving instead towards the previous resistance level of $2,600. This level was a significant barrier before this month’s breakout, and reaching the $3,500 mark could be challenging under such circumstances.

ETH’s Breakout To Kickstart The Altseason

Crypto expert Rekt Capital observed that Ethereum is currently breaking free from a brief bullish pattern today. According to the post, Ethereum, often referred to as the leading altcoin, has burst through a three-week long bull flag formation after surpassing $3,200. If this breakout is confirmed, Ethereum could potentially revisit the $3,700 mark.

In much the same way, Zayk, a crypto analyst, highlighted that the cryptocurrency was forming a two-week bullish pennant on the 4-hour chart. If this bullish pattern breaks out above the $3,200 level, it could potentially lead to a 15% jump towards $3,700.

Daan, a crypto trader, advises investors to observe whether Ethereum’s present surge in momentum continues. He anticipates that the upcoming push for ETH/BTC could potentially extend, possibly offering some significant relief.

As I analyze the ETH/BTC trading dynamics, it appears that we might witness a potential reversal towards the 0.04 mark, a level last seen two weeks ago. This anticipated shift represents a significant 20% increase from our current positions. Such a surge would undeniably stir up the broader altcoin market and contribute to a noticeable decrease in Bitcoin’s dominance.

As of this writing, the ETH’s price holds above $3,350, trading 2% below last week’s high.

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2024-11-22 13:34