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After the recent market performance, Ethereum (ETH) has tried to break out of the bullish pattern. Some analysts believe that the cryptocurrency is preparing to catch up with Bitcoin and is aiming to reach all-time highs in March.
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Ethereum is preparing to challenge BTC
This week, Ethereum succeeded in reclaiming the $2,500 support area after the recent market performance. The second-largest cryptocurrency by market cap has seen an 8.6% increase in the past seven days, moving from the $2,300 to $2,400 range to the $2,600 mark.
In the past 24 hours, ETH has retested the $2,600 resistance level, and is currently holding it as support as it attempts to reclaim the $2,700 price range. This area is the next crucial level, as the cryptocurrency has not managed to break through for nearly three months.
Market analyst CryptoWolf noted that Ethereum was as well unacceptable It has peaked around this level twice since the market crash in August, making it the next big resistance level to break out.
However, once the zone is cleared, ETH price “heads straight to 3,500 points” as the analyst considers the $3,000 mark “won’t stand a chance.” Likewise, cryptocurrency analyst Alex Clay Suggested The altcoin king is about to “catch up with BTC” and rise towards $3,500.
According to the analyst, Ethereum has completed its local accumulation within the $2,100-$2,700 range, and is “ready to switch the short-term trend to the upside.” Other market watchers have also noted that the market is approaching a bottom after sideways moves, based on the ETH/BTC chart.
Tony’s research male The chart “indicates that altcoins are currently cheap compared to Bitcoin. The increase in this chart will positively impact altcoins and their prices. As the investor noted, altcoins could see significant growth during the first quarter of 2025 given that Q4 was a historic Best time for Bitcoin growth.
ETH is trying to break out of the bullish pattern
Yaber cryptoanalyst male That Ethereum is trying to break out of its monolithic formation. The cryptocurrency has been within a symmetrical triangle pattern for three months, and attempted to break above the upper trend line on Tuesday.
Yesterday, ETH momentarily rose above the trend line after reaching $2,688 but quickly retreated to $2,550. Ethereum attempted another breakout of the upper trendline of the symmetrical triangle on Wednesday, rising above $2,630 before settling around the $2,600 support area.
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For the analyst, Ethereum will target the $2,900 mark next if it breaks out of this formation. Reclaiming this level could push ETH price to its March highs, as the $2,900-3,000 price range was a major support area during the initial phase of the rally.
Meanwhile, seasonal trader Peter Brandt recently highlighted the inverted head and shoulders (H&S) pattern on the ETH chart. The trader noted that the H&S bottom is forming, which also indicates that a massive breakout could be imminent.
As of this writing, ETH is trading at $2,612, an increase of 1% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com