$ETH
#Ethereum #Crypto #Blockchain #Investing #Finance #Cryptocurrency #ETHUSD #Trading #Markets
Ethereum Tests Key Resistance: Potential 15% Price Movement Ahead
In today’s ethereum news, Ethereum (ETH) is challenging a significant resistance level, with the crypto seeing a 3% increase today. This resistance has been a tough barrier since last month’s market uplift, where Ethereum failed to sustain its bullish momentum. Currently, the price is on a sideways path, but market analysts predict a possible 15% move soon.
Ethereum’s Price Dynamics: A Tight Range Observed
Since its breakout in early May, Ethereum has been oscillating between $2,475 and $2,680. It struggled to convert the upper boundary of this range into support for almost a month. Following a market downturn last week, Ethereum saw an 11% pullback from a three-month peak of $2,788, only to rebound from the lower boundary of its trading range this Monday.
At the beginning of the week, ETH surged past the $2,500 mark and continued its ascent towards the $2,600 resistance. By Wednesday, the cryptocurrency experienced a daily increase of 3.2%, approaching the local range high before settling at $2,635.
Forecast: A Potential Breakout or Drop
Carl Runefelt, a noted analyst from The Moon Show, emphasized Ethereum’s robust performance within an essential daily formation. The price has been forming an ascending triangle since May, with the upper line near $2,680-$2,700. This setup suggests a potential 15% price surge if Ethereum breaks out from this pattern. Runefelt predicts a climb towards $3,100 if Ethereum can secure this critical resistance level. Conversely, a rejection could lead Ethereum to fall back to the $2,300 support zone.
Multiple charts have shown similar patterns that indicate a 15%-20% breakout could be imminent, according to analyst Crypto Bullet. ETH’s market dominance is poised to break out from an ascending triangle pattern on the 12H chart.
Is Ethereum Ready for Lift-Off?
Crypto Jelle, another market analyst, suggests that reclaiming the major resistance zone between $2,680-$2,850 could significantly elevate the market. This move would push Ethereum above its multi-year ascending support trendline, potentially setting the stage for new cycle highs. Ted Pillows also notes that Ethereum’s current market behavior mirrors Bitcoin’s post-March 2020 recovery, hinting at possible new all-time highs in the coming months.
For those interested in the continuous updates and analyses on Ethereum, more information can be found on [Financier News](https://www.financier.news/). As Ethereum approaches a potential market turning point, the crypto community watches closely. For further details on Ethereum and other cryptocurrencies, visit [Binance](https://www.binance.com/).
Comments are closed.