While the general cryptocurrency market is making a strong comeback, Ethereum It gained traction as it demonstrated a bounce from the $2,900 threshold. With gains of over 10% over the past few days, ETH continues to maintain its position as a leading cryptocurrency asset that could witness significant growth in an ongoing bull cycle.
Building strong momentum for Ethereum
Ethereum’s price action shows that the digital asset is poised to extend its recent upward trend. Rose Premium Signals, a technical analysis platform that examines ETH’s recent performance quote This is a bullish chart pattern that could boost altcoins to higher levels.
Rose Premium Signals highlight developments as signals of strong upward momentum targeting new peaks in the near term. This strong price strength could be triggered by renewed confidence and interest from investors. ETH Depending on favorable market conditions.
The platform noted that ETH’s growth momentum is due to a strong bounce from the $2,947 support zone. As a result, the altcoin has formed a bullish continuation pattern, meaning a continued rise against key resistance levels.
Bullish continuation patterns often precede large moves higher, meaning that ETH is likely to break through and establish a critical price level. new all-time high. Ethereum’s current cycle is once again promising, with the general market maintaining a positive trend and growing investor interest supporting the upward trend.
According to the platform, this bullish structure coinciding with Fibonacci retracement levels triggers a huge rally for ETH. Therefore, we expect Rose Premium Signals to rise to $4,103 and $4,788 in the coming weeks.
If the upward trend continues altcoin It could rise to around $5,568, setting a new all-time high. As market sentiment changes, these levels are important thresholds that can determine the sustainability of ETH’s broader market momentum.
ETH is preparing for a breakout
Ethereum continues its recent bull run, breaking key resistance levels that previously hindered its upward trend. With ETH remaining in positive territory, cryptocurrency enthusiasts believe that a strong rally could be on the horizon.
Market expert and founder Stockmoney Lizards, after looking at the current price trend of ETH, predict A breakout above the $4,000 threshold is imminent in the coming days. Experts claim that altcoins are currently in the formation of a correction channel, a pattern that reflects a lengthy consolidation or correction phase.
Stockmoney Lizards notes that the correction phase that began in December is likely to be completed. If the $3,100 support level of the 1.618 Fibonacci extension holds, experts say ETH will escape We are aiming for $4,109 soon.
ETH is currently trading at $3,380 and is up almost 3% in the last 24 hours. The upward trend is further strengthened. Investor interest is growing Daily trading volume has increased by more than 100%.
Featured image from Unsplash, chart from Tradingview.com