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This week, Ethereum (ETH) is recouping the $2,600 level in support for the first time since February, pushing to retest the next key resistance after a breakout from the short-term pattern. Some analysts suggest that ETH gatherings can target high area of its macro range in the coming weeks.
Ethereum is similar to the 2024 setup
After struggling to break past the $2,600 mark, Ethereum recovered this level as support. Over the past two days, the second-largest cryptocurrency by market capitalization has been trying to surpass $2,700 while holding this important level.
ETH has hovered between $2,400 and $2,600 since recovering from a $2,000 DIP earlier this month, and has failed to retrieve the range’s upper zone despite a high of $2,738 on May 10th.
Nevertheless, this week’s rally is about to gain more power to rise beyond local ranges, stopping the lateral trajectory and continue the 50% recovery rally.
Crypto analyst Titan said Eth broke out from a two-week bullish flag and surged to today’s 2,788 levels. He suggested that the target of the pattern would be at the $3,800 level if a breakout was confirmed.
Crypto Jelle pointed out that Ethereum is “still moving as planned and pushing deep into the area of resistance.” Several analysts have named this level as a resistance before the $3,000 mark and “standing in the way of the alto season.”
Rekt Capital highlighted that Ethereum has successfully retested key horizontal levels since re-entering the macro range between $2,220 and $3,900. In particular, Ethereum has been closed beyond the $2,468 mark for the past four weeks, setting the stage for “all-area lift.”
This successful retest resulted in Altcoins’ King “repeated the early history of 2024.” Notably, ETH recorded a 50% four-week breakout after breaking $2,486 in resistance and retesting it as support. However, “The only difference is that it took more time this time,” the analyst added.
ETH gains momentum
Meanwhile, analyst Ted Pillows believes ETH is showing strength as trading pairs against Bitcoin (BTC) have gained momentum and a BTC dominant move.
Analysts also noted ETH’s weekly MACD bullish cross and its multi-year support trendline recall. Based on this, he predicted that Ethereum could soon surge to a $4,000 resistance.
It is worth noting that Ethereum surpassed its flagship cryptocurrency this quarter for the first time since 2022, recording a 45% increase since April 1st.
Related readings
Merlijn traders highlighted ETH price action after Golden Cross. This appears to be similar to performance since the last time the setup occurred.
According to the post, during the November 2024 setup, Ethereum saw a small dip on the 11th day before a “giant pump.” “What’s this time? The pump has already started. We’re right on schedule,” the trader asserted.
At the time of writing, Ethereum is trading at $2,642, an increase in monthly time frame by 44.7%.
Unsplash.com featured images, tradingView.com charts
