Amidst a robust resurgence of the overall crypto market, Ethereum has gained traction as evidenced by a rebound from the $2,900 threshold. Recording an over 10% upswing in the previous few days, ETH continues to take care of its position as a number one crypto asset able to witnessing significant growth in the continued bull cycle.
Strong Momentum Constructing Up For Ethereum
Ethereum’s price motion shows that the digital asset could possibly be poised for an extension of its recent upward movement. Delving into ETH’s recent performance, Rose Premium Signals, a technical evaluation platform cites an optimistic chart pattern which may bolster the altcoin to higher levels.
Rose Premium Signals highlights the event as an indication of strong upside momentum, targeting latest heights within the short term. This robust 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 robust bounce from the $2,947 support zone. Consequently, the altcoin has formed a bullish continuation pattern, which suggests a sustained run to key resistance levels.
A bullish continuation pattern often precedes large increases, implying that ETH could possibly be on the verge of breaking through critical price levels and possibly establishing latest all-time highs. With the overall market maintaining a positive trend and rising investors’ interest aiding the uptrend, Ethereum’s current cycle stays promising once more.
In response to the platform, this bullish structure coinciding with Fibonacci retracement levels sparks an enormous rally for ETH. Thus Rose Premium Signals anticipates a leg-up to the $4,103 and $4,788 marks in the approaching weeks.
Within the event that the uptrend extends, the altcoin might rally to about $5,568, marking a latest all-time high. As market sentiment shifts, these levels are vital thresholds that might determine the sustainability of ETH’s broader market momentum.
ETH Gearing Up For A Breakout
Ethereum continues to uphold its recent bullish performance, breaking key resistance levels that previously hindered its uptrend. With ETH remaining in positive territory, crypto enthusiasts consider a robust rally could also be on the horizon.
After examining ETH’s current price trend, Stockmoney Lizards, a market expert and creator, predicts an impending breakout above the $4,000 threshold within the upcoming days. The expert claims that the altcoin is currently in a corrective channel formation, a pattern that reflects a lengthy consolidation or correction phase.
Stockmoney Lizards points to a possible completion of a correction phase, which began in December. If the $3,100 support level on the 1.618 Fibonacci Extension holds, the expert is confident that ETH might see a breakout shortly, targeting the $4,109 mark.
Presently, ETH is trading at $3,380, demonstrating a virtually 3% upswing within the last 24 hours. Its upward momentum is further bolstered by heightened investors’ interest and confidence as indicated by a greater than 100% increase in each day trading volume.
Featured image from Unsplash, chart from Tradingview.com