Amidst a strong resurgence of the general crypto market, Ethereum has gained traction as evidenced by a rebound from the $2,900 threshold. Recording an over 10% upswing in the last few days, ETH continues to maintain its position as a leading crypto asset capable of witnessing significant growth in the ongoing bull cycle.
Strong Momentum Building Up For Ethereum
Ethereum’s price action shows that the digital asset could be poised for an extension of its recent upward movement. Delving into ETH’s recent performance, Rose Premium Signals, a technical analysis platform cites an optimistic chart pattern that might bolster the altcoin to higher levels.
Rose Premium Signals highlights the development as a sign of strong upside momentum, targeting new heights in the short term. This robust price strength might 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 bounce from the $2,947 support zone. As a result, 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 be on the verge of breaking through critical price levels and possibly establishing new all-time highs. With the general market maintaining a positive trend and rising investors’ interest aiding the uptrend, Ethereum’s current cycle remains promising once again.
According to the platform, this bullish structure coinciding with Fibonacci retracement levels sparks a huge rally for ETH. Thus Rose Premium Signals anticipates a leg-up to the $4,103 and $4,788 marks in the coming weeks.
In the event that the uptrend extends, the altcoin might rally to about $5,568, marking a new all-time high. As market sentiment shifts, these levels are vital thresholds that could 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 believe a strong rally may 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 in 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 at 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 nearly 3% upswing in the last 24 hours. Its upward momentum is further bolstered by heightened investors’ interest and confidence as indicated by a more than 100% increase in daily trading volume.
Featured image from Unsplash, chart from Tradingview.com
