Ethereum (ETH) is making strides in the cryptocurrency market, with analysts predicting a potential breakout towards the $3,000 mark. The digital asset has shown resilience over the past 24 hours, aiming to establish a crucial level of support at $2,600.
In recent developments, Ethereum surged to the $2,700 resistance level following a 6.3% price increase in the daily timeframe. Despite reaching this milestone, ETH has struggled to surpass this zone after hitting a three-month high of $2,738 two weeks ago. Despite this, Ethereum has exhibited impressive growth, surging by over 50% in the past month and nearly doubling in value since April.
While Bitcoin stole the spotlight with a new All-Time High (ATH) of $111,953 last week, Ethereum has maintained a sideways trajectory, fluctuating between the $2,450-$2,600 range throughout May. However, ETH has outperformed Bitcoin in the second quarter, recording a 47.78% increase since April.
Analysts have highlighted the potential for Ethereum to break out and fill the CME Gap, with price targets ranging from $2,900 to $3,350. The formation of a symmetrical triangle pattern suggests that ETH is on the verge of a significant price movement, potentially propelling its value towards higher levels.
In addition, Ethereum Dominance is showing signs of holding around the 9% level, indicating a bullish outlook for June. Analysts believe that maintaining this level as support could lead to a more dominant performance in the market, resembling the cryptocurrency’s previous uptrend in 2019.
Market watchers have also pointed out bullish signals on Ethereum’s chart, with a multi-year base and a bullish pennant pattern indicating a potential rally towards $8,000 after surpassing the $3,000 mark. Historical data suggests that Ethereum tends to experience a significant price surge after breaking previous highs, hinting at a possible “final pump” for the current cycle.
As of the latest update, Ethereum is trading at $2,686, reflecting an 8.8% increase in the weekly timeframe. With the cryptocurrency market heating up, Ethereum’s performance remains one to watch as it aims for new milestones.
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