Ethereum Faces Key Resistance as Analysts Predict Bullish Momentum
- Ethereum broke past the $3,400 level for the first time in over a month, marking a daily increase of about 6% from $3,100.
- The altcoin has been trading between $3,000 and $3,300 since early this year but recently closed above this range’s upper boundary.
- Analysts suggest Ethereum is poised to retest the $3,800 area soon if it maintains momentum above its current support levels.
- Ethereum must reclaim the $3,350 level to overcome the resistance posed by the 200-day exponential moving average (EMA), which could lead to further gains towards $3,600.
- Some analysts believe Ethereum is repeating a pattern similar to its significant breakout in 2018, potentially leading to substantial price increases against Bitcoin and USD.
As of now, Ethereum is trading at $3,375 with a weekly increase of around 5%. Analysts are optimistic about its potential to break through key resistance levels and continue its upward trend. (Source)
