Amid a strong resurgence in the general crypto market, Ethereum has been gaining ground, as evidenced by a rebound from the $2,900 threshold. Registering a rise of over 10% over the past few days, ETH continues to maintain its position as a leading crypto asset capable of experiencing significant growth in the ongoing bull cycle.
Strong momentum underway for Ethereum
Ethereum price action shows that the digital asset could be poised to extend its recent upward move. Dive into ETH’s Recent Performance, Rose Premium Signals, a Technical Analysis Platform quoted an optimistic chart pattern that could propel the altcoin to higher levels.
Rose Premium Signals highlights the development as a sign of strong bullish momentum, aiming for new highs in the near term. This strong price strength could be triggered by renewed investor confidence and interest in ETH following favorable market conditions.
The platform noted that ETH’s growing momentum is attributed to a strong rebound from the $2,947 support zone. As a result, the altcoin has formed a bullish continuation trend, suggesting a sustained run towards key resistance levels.
A bullish continuation trend often precedes strong increases, implying that ETH could be on the verge of breaking critical price levels and possibly establishing new all-time highs. As the general market maintains a positive trend and growing investor interest supports the uptrend, Ethereum’s current cycle once again remains promising.
According to the platform, this bullish structure coinciding with Fibonacci retracement levels triggers a huge rally for ETH. Thus, Rose Premium Signals forecasts a rise to the $4,103 and $4,788 levels in the coming weeks.
In the event that the upward trend continues, the altcoin could rally back to around $5,568, marking a new all-time high. As market sentiment evolves, these levels serve as vital thresholds that could determine the sustainability of the broader ETH market dynamics.
ETH prepares for a breakthrough
Ethereum continues to maintain its recent bullish performance, breaking key resistance levels that previously hindered its uptrend. While ETH remains in positive territory, crypto enthusiasts believe a strong rally could be on the horizon.
After reviewing the current ETH price trend, expert and market creator Stockmoney Lizards, predicted an imminent breakout above the $4,000 threshold in the coming days. The expert claims that the altcoin is currently in a corrective channel formation, a trend that reflects a long consolidation or correction phase.
Stockmoney Lizards speaks of the possible completion of a correction phase, which began in December. If the $3,100 support level at the 1.618 Fibonacci extension holds, the expert is confident that ETH could see an escape shortly, aiming for the $4,109 mark.
Currently, ETH is trading at $3,380, demonstrating an increase of almost 3% over the past 24 hours. Its upward momentum is further reinforced by increased investor interest and trust, as indicated by a more than 100% increase in daily trading volume.
Featured image from Unsplash, chart from Tradingview.com
