Ethereum (ETH) Tests Major Breakout Zone, Analyst Expects $3,500 Target From U.Today

© Reuters Ethereum (ETH) Tests Major Breakout Zone, Analyst Expects $3,500 Target

U.Today – In the volatile world of cryptocurrencies, (ETH) is currently at a critical juncture as it tests a major breakout zone, creating excitement among traders and analysts alike. Cryptoanalyst Ali, known for astute market observations, recently took to X (formerly Twitter) for an optimistic outlook on Ethereum’s price trajectory.

According to Ali’s tweet, ETH is currently in the process of retesting its breakout zone from the ascending triangle, indicating a potential setup for a significant upside move. The analyst pointed to a specific price range, suggesting that the zone between $2,150 and $1,900 could serve as an ideal area for accumulation before Ethereum heads for a higher target of $3,500.

As of last, Ethereum is currently trading at $2,218. Despite a slight drop of 1.05% in the last 24 hours, the cryptocurrency has shown remarkable resilience over the past month, boasting a remarkable gain of 9.51%. This positive trend has caught the attention of investors and analysts, who are closely watching Ethereum’s movements in anticipation of a potential breakout.

Bullish continuation pattern

Often considered a bullish continuation pattern in technical analysis, the ascending triangle pattern suggests that ETH may be preparing for a sustained upward move. Traders and investors closely monitor the key support and resistance levels in the mentioned price range as they play a key role in determining the value of a cryptocurrency.

The cryptocurrency market has seen increased volatility in recent months, with Ethereum at the center of attention for many traders. A potential dip to $3,500, as suggested by analyst Ali, could signal significant bullish sentiment and attract further interest from the broader market.

It is important to note that the cryptocurrency market is influenced by a number of factors, including macroeconomic trends, regulatory developments, and technological advances. As Ethereum approaches this critical point, market participants are advised to exercise caution and be aware of potential catalysts that could affect the digital asset’s price movements.

This article was originally published on U.Today