Ethereum (ETH) is making some serious moves, and analysts are buzzing about its potential. Let’s dive into what’s happening.
Ethereum Breaks Through Resistance
Ethereum has surged about 10% in the last week, jumping from around $3,500 to over $3,900. This is a key resistance level it hasn’t seen since early March. After briefly dipping below $3,900, it quickly bounced back, suggesting strong support. With its yearly high at $4,093, the mood around ETH is very bullish.
Analysts Predict a Massive Rally
Analyst Alex Clay points out that Ethereum is testing a major resistance zone it’s hit several times since 2021. If it can break through and hold above this level, a new all-time high (ATH) is highly likely, with Clay seeing no significant pullback in the near future.
Another analyst, Jelle, agrees. They say that if Ethereum surpasses its March high, anything could happen. They believe a long period of consolidation before a new ATH is unlikely.
Following Bitcoin’s Footsteps?
Jelle notes a striking similarity between Ethereum’s current chart and Bitcoin’s in July 2020. Bitcoin broke a long-term downtrend then, leading to a massive 500% rally. Jelle suggests that Ethereum breaking its trendline now could trigger a similar surge.
This analyst even suggests that if Bitcoin and Ethereum climb together, Ethereum could see price discovery around $130,000. Based on this, a 150-200% rally to $10,000-$12,000 for ETH is possible in this cycle.
The Bottom Line
Ethereum is showing serious strength, breaking through resistance levels and showing signs that could lead to a massive rally, potentially mirroring Bitcoin’s impressive run a few years ago. While these are predictions, the current market action is certainly exciting for ETH investors.
