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On Wednesday, ethereum (eth) surpassed the $2,700 mark for the first time in over a week, sparking bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break through the next resistance level and reclaim the $3,000 mark.
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ethereum retests $2,700
ethereum broke through a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rose 3.1% towards the $2,700 horizontal level, reaching the $2,722 mark before retreating to $2,710.
Over the past week, eth oscillated between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market observers, who have harshly criticized the evolution of the cryptocurrency's price throughout the year.
However, today's jump represents a 5.6% increase over the weekly period, sparking bullish sentiment among the community. CRG Cryptocurrency Trader x.com/MacroCRG/status/1851626924050694327″ target=”_blank” rel=”nofollow”>noted that ethereum is testing a support level in its trading pair against bitcoin (btc) on a higher time frame (HTF).
According to the chart, eth/btc is retesting HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, and eth's all-time high began after breaking above the upper line of this range.
The trader suggested that ethereum's rise would be short-lived as the “King of Altcoins” has had a “disappointing” performance despite the approval of eth exchange-traded funds (ETFs). “eth is like the toxic ex-girlfriend that keeps you coming back,” he said jokingly.
Likewise, the cryptanalyst Michaël van de Poppe x.com/CryptoMichNL/status/1851579808368460267″ target=”_blank” rel=”nofollow”>commented that it's time to be bullish on eth, suggesting that there is a “massive bullish divergence” on the one-day period of the eth/btc chart, while it was “popping up” on the three-day period. Van de Poppe noted that the 0.051 area is the crucial zone for a trend reversal.
Will eth hit $3,000 in two weeks?
Several crypto analysts have set the $2,800 resistance level as the next crucial zone if ethereum successfully reclaims the $2,700 mark. crypto Yapper Analyst x.com/CryptoYapper/status/1851628876235165990″ target=”_blank” rel=”nofollow”>pointed out that eth has recorded five consecutive daily green candles since rebounding from last week's lows.
For the analyst, if eth breaks the $2,800 horizontal level, the cryptocurrency will rally towards the $3,000 resistance level and potentially kick off the altcoin season.
Similarly, van de Poppe x.com/CryptoMichNL/status/1851617552788845028″ target=”_blank” rel=”nofollow”>suggested that ethereum will break above the crucial horizontal level in the next two weeks as it took liquidity at the $2,450 level and “returned to resistance.” According to the analyst, this could push the price of eth to $3,000 in November.
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eth has been rejected from the $2,700 resistance level, oscillating between the $2,680-$2,690 price range over the past hour. At the time of writing, the cryptocurrency is trading at $2,693, up 1.4% and 3.3% on the daily and monthly time frames.
However, it is worth noting that the cryptocurrency market could continue to face high volatility in the coming days as speculation increases ahead of the US presidential election.
Featured image from Unsplash.com, chart from TradingView.com
