Ethereum (ETH) has recently surged past the $2,600 mark, marking a significant milestone for the cryptocurrency. This bullish momentum has ignited speculation among analysts who believe that ETH could be gearing up to retest its Macro Range high area in the near future.
Following a period of consolidation between $2,400 and $2,600, Ethereum managed to break above its local range and is now aiming to surpass the $2,700 level. This upward movement comes after a brief struggle to reclaim the $2,600 level, which had previously served as a hurdle for the cryptocurrency.
Analyst Titan of Crypto highlighted that ETH recently broke out of a two-week bullish flag pattern, propelling its price to $2,788. He suggested that if this breakout is confirmed, Ethereum could target the $3,800 level in the coming weeks. Similarly, Crypto Jelle pointed out that Ethereum is currently facing resistance around the $2,850 mark, a crucial level before the $3,000 milestone.
Rekt Capital emphasized that Ethereum has been successfully retesting a key horizontal level since re-entering its $2,220-$3,900 Macro Range. The cryptocurrency has consistently closed above the $2,468 mark for the past four weeks, indicating a potential uptrend across the range.
With its recent price action, Ethereum is mirroring its early 2024 performance, according to Rekt Capital. The cryptocurrency has witnessed a 50% breakout over a four-week period after surpassing the $2,486 resistance and validating it as support. This trend echoes a similar pattern from the past, albeit taking a bit longer to materialize this time around.
Analyst Ted Pillows noted that Ethereum’s trading pair against Bitcoin is gaining momentum, while Bitcoin dominance appears to be dwindling. Additionally, Ethereum’s Weekly MACD has exhibited a bullish cross, and the cryptocurrency has reclaimed its multi-year support trendline. Based on these factors, Pillows forecasted a potential rally towards the $4,000 resistance level for Ethereum.
In recent months, Ethereum has outperformed Bitcoin, registering a 45% increase since April 1. Despite BTC’s dip below the $106,800 support level, Ethereum has managed to hold above key levels, showcasing its strength in the current market environment.
As of now, Ethereum is trading at $2,642, representing a 44.7% increase over the past month. The cryptocurrency’s price action and technical indicators suggest a bullish outlook, with analysts predicting further upside potential in the near term.