Amid a strong recovery in the overall cryptocurrency market, Ethereum It gained momentum as evidenced by the bounce from the $2,900 threshold. After recording a rise of over 10% in the past few days, ETH continues to maintain its position as a leading crypto asset capable of seeing significant growth in the ongoing bull cycle.
Building strong momentum for Ethereum
Ethereum price action shows that the digital asset may be poised to extend its recent upward move. Dive into ETH’s recent performance, Rose Premium Signals, a technical analysis platform He cites An optimistic chart pattern may boost the altcoin to higher levels.
Rose Premium Signals highlights the development as a sign of strong bullish momentum, targeting new highs in the short term. This strong price strength may be due to renewed investor confidence and interest in it Ethereum Following favorable market conditions.
The platform noted that ETH’s increasing momentum is attributed to the strong bounce from the $2,947 support area. As a result, the altcoin formed a bullish continuation pattern, indicating a sustainable trend to key resistance levels.
A bullish continuation pattern is often preceded by significant increases, which means that ETH may be on the verge of breaking through critical price levels and possibly establishing New all-time highs. With the overall market maintaining a positive trend and increasing investor interest aiding the upside, the current Ethereum cycle remains promising once again.
According to the platform, this bullish structure coinciding with Fibonacci retracement levels sparks a significant rally for ETH. Rose Premium Signals therefore expects a rise to $4,103 and $4,788 in the coming weeks.
In the event of an uptrend extension,… Alternative currency It may rise to around $5,568, marking a new all-time high. As market sentiment changes, these levels are vital thresholds that can determine the sustainability of ETH’s broader market momentum.
ETH is preparing for a breakout
Ethereum continues to maintain its recent bullish performance, breaking key resistance levels that previously hindered its uptrend. With ETH remaining in positive territory, cryptocurrency enthusiasts believe a strong rally could be on the horizon.
After examining the current trend of ETH price, Stockmoney Lizards, a market expert and creator, said, He predicts An imminent breakout above the $4,000 threshold in the coming days. The expert claims that the altcoin is currently in the formation of a corrective channel, which is a pattern that reflects a long consolidation or correction phase.
Stockmoney Lizards indicates the possibility of completing the correction phase, which began in December. If the $3,100 support level holds at the 1.618 Fibonacci extension, the expert is confident that ETH may see… breakthrough Soon, targeting the $4,109 mark.
Currently, ETH is trading at $3,380, showing approximately 3% appreciation over the past 24 hours. Its upward momentum is further strengthened High investor interest And confidence as evidenced by the increase in daily trading volume by more than 100%.
Featured image from Unsplash, chart from Tradingview.com
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