Ethereum Repeating Early 2024’s Playbook – $3,800 Target In Sight? 🚀
This week, Ethereum (ETH) has reclaimed the $2,600 level as support for the first time since February and is pushing to retest the next key resistance after a breakout from a short-term pattern. Analysts suggest that ETH’s rally could target its Macro Range high in the coming weeks.
Ethereum has been struggling to break past $2,600 but has recently reclaimed this level as support. Over the past two days, ETH has held this key level while attempting to break above $2,700. It has climbed above its local range and is gaining momentum to continue its 50% recovery rally.
Analyst Titan of Crypto reported that ETH broke out of a two-week bullish flag, leading to today’s surge to $2,788. If the breakout is confirmed, the pattern’s target is around $3,800. Other analysts have noted that Ethereum is moving as expected, pushing deeper into the resistance area around $2,850, which stands as the wall preventing an altseason.
Rekt Capital highlighted that Ethereum is successfully retesting a key horizontal level since entering its $2,220-$3,900 Macro Range. ETH has been closing above $2,468 for the past four weeks, setting the stage for a repeat of early 2024 history. Despite differences, such as a longer duration this time, ETH is gaining strength.
Ted Pillows notes that ETH is showing strength as its trading pair against Bitcoin gains momentum. The analyst forecasted a potential soar to $4,000 resistance, highlighting ETH’s outperformance over Bitcoin this quarter. ETH registered a 45% increase since April 1 and remains above key levels.
Merlijn The Trader described ETH’s current price action as resembling its previous performance during the November 2024 setup. Although a small dip occurred, a "massive pump" followed, which seemingly aligns with the current movement. As Ethereum trades at $2,642, it marks a 44.7% monthly increase.
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