This article is also available in Spanish.
On Wednesday, Ethereum (ETH) surpassed the $2,700 mark for the first time in over a week, sparking bullish sentiment among several crypto analysts. Some have suggested that the second-largest cryptocurrency will soon break through the next resistance level and reclaim the $3,000 mark.
Related reading
Ethereum retests $2,700
Ethereum broke above a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rose 3.1% towards the $2,700 horizontal level, reaching the $2,722 mark before falling back to $2,710.
Over the past week, ETH has hovered between $2,430 and $2,650 after failing to hold support. This performance worried many investors and market observers, who sharply criticized the crypto’s price action throughout the year.
However, today’s jump represents a 5.6% increase from the weekly period, which has sparked bullish sentiment within the community. Crypto trader CRG noted that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher time frame (HTF).
According to the chart, ETH/BTC is retesting HTF support at the 0.0377 level. The 0.023-0.040 area was a crucial area between 2020 and 2021, as ETH’s all-time high rally began after breaking above the upper line of this range.
The trader suggested that Ethereum’s rise would be short-lived as the “king of Altcoins” had a “disappointing” performance despite spot approval of ETH exchange-traded funds (ETFs). “ETH is like the toxic ex-girlfriend that takes you back,” he said jokingly.
Likewise, crypto analyst Michaël van de Poppe remarked that it was time to be bullish on ETH, suggesting that there was “massive bullish divergence” in the ETH chart’s one-day time frame /BTC, while it “appeared” within three days. one day delay. Van de Poppe highlighted that the 0.051 area is the crucial area for a trend reversal.
Will ETH reach $3,000 in two weeks?
Various crypto analysts have set the $2,800 resistance level as the next crucial area if Ethereum manages to reclaim the $2,700 mark. Crypto analyst Yapper pointed out that ETH has recorded five consecutive daily green candles since its rebound from last week’s lows.
For the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will bounce towards the $3,000 resistance level and could potentially restart the altcoin season.
Similarly, van de Poppe suggested that Ethereum would break out above the crucial horizontal level over the next two weeks as it brought liquidity to the $2,450 level and “moved back up to resistance.” According to the analyst, this could propel the ETH price to $3,000 in November.
Related reading
ETH was rejected from the $2,700 resistance level, oscillating between $2,680 and $2,690 over the past hour. At the time of writing, the cryptocurrency is trading at $2,693, an increase of 1.4% and 3.3% on the daily and monthly time frames.
Nonetheless, it is worth noting that the crypto market may continue to face high volatility over the coming days as speculation intensifies in the run-up to the US presidential elections.
Featured image from Unsplash.com, chart from TradingView.com
