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Ethereum Eyes Major Rally, Reclaims $2,800: Is It ‘Up Only’ From Here?

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Ethereum Targets $3,100 as Bulls Push Beyond $2,800

In a notable rally, Ethereum (ETH) has surged past the crucial $2,800 mark, a level it hasn’t touched since February. This advance brings it close to $2,900, stirring optimism among traders about an upcoming 10% increase. The movement marks a significant rebound from its previous trading range of $2,475 to $2,680, where it struggled to find support at higher levels.

Breakout Patterns Signal Further Gains

Carl Runefelt, an analyst from The Moon Show, has identified a breakout from an ascending triangle pattern in Ethereum’s price movement. This formation suggests a potential rise to $3,100 if the momentum continues. Additionally, Runefelt has spotlighted a bullish pennant pattern against Bitcoin (BTC), predicting a possible 30% uptick to the 0.03300 BTC mark.

Historical Parallels and Future Prospects

Market analyst Kaleo draws parallels between Ethereum’s current trajectory and its recovery post-2020’s COVID-19 market crash, hinting at a prolonged bullish phase. Similarly, another analyst, DonAlt, points out the robustness of Ethereum’s current chart setup. He speculates that reclaiming the $3,800 level could propel ETH to new all-time highs, with the critical support at $2,200 serving as a key threshold for the rally’s continuation.

As of the latest updates, Ethereum is trading at $2,803, showing a 6.7% increase on the day. This performance aligns with a broader recovery in the crypto market, which could be a precursor to more significant gains.

For those interested in the broader implications of these movements, more insights are available on the [cryptocurrency section](https://financier.news/category/crypto/) of Financier News. Additionally, for a deeper dive into Ethereum and other cryptocurrencies, [Binance](https://www.binance.com/) offers extensive resources and trading options.

Looking Ahead

The resurgence in Ethereum’s price and the formation of bullish patterns are creating a buzz among investors and traders. If Ethereum manages to maintain its current momentum and breach the $3,100 resistance, it could confirm the start of another major bull run, reminiscent of its impressive rally in 2020.

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