Ethereum near Breakout? It could increase by 28% in May

Ethereum (ETH) experienced a significant recovery in last week after jumping more than 10% at the resistance of $ 1,800. The momentum of the cryptocurrency saw him recover the key levels, which could trigger a rally continuation of 28% in the following weeks.

Related reading

Ethereum recovers the first horizontal level in months

During last week, Ethereum’s price jumped by around 14% to reduce crucial support levels. In the middle of the market resumption, the cryptocurrency recovered the area from $ 1,600 to $ 1,650 at the start of the week, holding a historic request zone as support.

According to analyst Rekt Capital, ETH holds the bottom of its historic request zone, between $ 1,650 and $ 1,950, after its recent performance, “repeat the story also by evacuating briefly.”

Since the loss of its macro range from $ 296 to $ 39.00, the cryptocurrency has exchanged in this range, by launching upwards and transforming it into resistance, and evoking the down down to transform it into support, as in 2023.

According to the analyst, “Ethereum must continue to hold here. If this price stability can be maintained … there is a chance “to repeat its performance in mid-2013, where the token has rebounded in this region and reached its summit in early 2024 of $ 4,093.

Meanwhile, Daan Crypto Trades noted that ETH had returned a horizontal level in support. The analyst stressed that since the closure above the $ 1,750 bar in the last three days, the King of Altcoins has shown a “change in market dynamics”.

In particular, Ethereum has not been able to recover the previous horizontal levels for months, be rejected and have new stockings instead. Daan said the price range from $ 1,750 to $ 2100 is crucial to prosecute the Haussier of ETH.

ETH about to go out

In the midst of this performance, ETH approaches an escape from its downward trend of several months. Cryptocurrency has been downwards since it reached its $ 4,107 cycle in early December, retraced more than 56% since then.

However, Ethereum tries to break again in the downstream resistance in the middle of his $ 1,800 barrier test. Analyst Crypto Caesar said that ETH “is about to go out. We really need this high level… ”

Analyst Ted Pillows considers that a leap of 28% next month may be possible if the cryptocurrency recovers this short-term crucial resistance. He pointed out that the area from $ 1,800 to $ 1,850 is the following level to break before the $ 2,000 barrier, noting a reversal head and shoulder model on ETH graphic.

Related reading

“If ETH manages to break, it could come together around $ 2.2,000 to $ 2.3,000 in May,” he concluded. Another analyst previously suggested that Ethereum will not start a new rally before recovering the barrier of $ 2,330, where more than 60 million addresses bought the cryptocurrency.

To date, Ethereum is negotiated at $ 1,795, an increase of 2.1% of the daily period.

Star image of Unsplash.com, tradingView.com graphic