Ethereum (ETH) is finally making some serious moves after a week of pretty much staying in the same place. In just an hour, it jumped 5%, testing the crucial $3,200 level. Many experts think this could be the start of a big rally for ETH and other altcoins.
Ethereum Tests Key Support
Ethereum has been under fire lately because its performance compared to Bitcoin (BTC) hasn’t been great. People were worried it might not hit new highs this time around. While Bitcoin recently hit a new all-time high near $100,000, Ethereum was stuck in a range between $3,000 and $3,200. But that changed! This recent 5% jump pushed ETH past $3,200 – something it hadn’t done consistently in over three months.
Analyst Predictions
Analyst Crypto Yapper sees $3,200 as a huge breakout point for Ethereum. If ETH can hold above this level, they predict a move towards $3,500. However, if it fails, we could see a drop to around $2,600 before another attempt at $3,500.
Another analyst, Rekt Capital, pointed out that ETH just broke out of a bullish flag pattern. A successful breakout could push ETH to $3,700 or higher. Analyst Zayk agrees, noting a bullish pennant formation on the 4-hour chart, also suggesting a potential move to $3,700.
The Altseason Spark?
Trader Daan is a bit more cautious, suggesting we wait and see if this momentum holds. But he believes a significant move in the ETH/BTC pair (how much ETH you can get for one BTC) is likely. A return to the 0.04 mark (a 20% increase from current levels) could trigger a broader altcoin rally and decrease Bitcoin’s dominance in the market.
Current Status
As of now, ETH is holding above $3,350, slightly below last week’s high. The next few days will be crucial to see if this is a real breakout or just a temporary blip.
