Ethereum Attempts Key Breakout: Analysts Set $3,700 Target
Ethereum (ETH) price is finally moving after a week of sideways movement. The second-largest cryptocurrency surged 5% in the past hour to retest the key $3,200 level. Some market watchers believe that ETH is on the verge of heading towards its first-quarter highs and kicking off altcoin season.
Related reading
Ethereum retests key support level
Ethereum is already in serious trouble critical Due to its performance relative to Bitcoin (BTC), investors are concerned that ETH may not reach new highs this cycle. ETH’s price action has moved sideways while the flagship cryptocurrency continues its price discovery pattern.
On Thursday morning, BTC was approaching the $100,000 mark after hitting its latest all-time high (ATH) above $98,000, while ETH continued to hover in the middle of the $3,000 to $3,200 weekly price range.
However, Ethereum has surged by 5% in the past hour, trading above the $3,200 mark. The second-largest cryptocurrency rose above $3,200 a week ago for the first time in more than three months, hitting the $3,400 mark before retreating 5%.
Over the past week, ETH attempted Recycle The $3,200 resistance level acted as support but failed to materialize twice. Today’s rise in the cryptocurrency has pushed its price above key resistance in the mid-$3,300 area, reigniting bullish sentiment towards Ethereum.
Analyst Crypto Yapper assertive $3,200 is Ethereum’s “next big breakout” as it was last week’s major rejection point. The analyst emphasized that after ETH consolidates, the next step is to retest the level, and if it recovers successfully, the cryptocurrency may break through the $3,500 mark.
However, if this resistance fails to be converted into support, the price of ETH may lose support between $3,000 and $3,100 and rise towards the $2,600 level, which was the main resistance before breaking out this month before trying to reach $3,500 .
ETH’s breakthrough kicks off Altseason
Cryptocurrency Analyst Rekt Capital famous ETH broke out of a short-term bull flag pattern today. According to the article, the altcoin king broke out of a three-week bull flag pattern after breaking above $3,200. Analysts predict that if a breakout is confirmed, “ETH will move back above $3,700.”
Likewise, cryptocurrency analyst Zayk point out The cryptocurrency is exhibiting a two-week bullish pennant pattern in the 4 hours. If there is a successful breakout of the bullish pattern above the $3,200 mark, a 15% rise to $3,700 could be targeted.
Related reading
Cryptocurrency Trader Daan point out Investors should wait and see whether Ethereum’s current momentum can be sustained. However, he believes the next push for ETH/BTC “may have some support and some appropriate relief.”
You can see this run Ethereum/Bitcoin The trading pair is back at the 0.04 mark from two weeks ago. This move would see a 20% surge from current levels, which would “absolutely move the entire altcoin market and cause BTC’s dominance to drop significantly.”
At the time of writing, ETH price remains above $3,350, 2% below last week’s high.
Featured image from Unsplash.com, chart from TradingView.com
