Analysis by Coinpedia suggests Ethereum has built up gathering upside momentum that could soon propel its price through the $2,600 resistance level to ignite a bull run. The asset climbed steadily over the past week after recovering from $2,200 demand.
Multiple technical and fundamental factors seemingly align to place ETH on the breakout watch. The cryptocurrency rounded out a bullish bottoming pattern while riding tailwinds from Bitcoin’s rally beyond $48,000. The anticipation surrounding Ethereum’s upcoming upgrade and talk of a possible ETH ETF approval further buoys optimism.
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Most signs point to Ethereum challenging its previous peak from last spring around $2,600, which marked the previous bull run apex. Clearing this hurdle would confirm a trend reversal back into an uptrend. However, despite broad bullishness, warning candles highlight the chance of pullbacks at that resistance barrier.
Can ETH hit $3,000?
Ethereum trades around $2,480 following a slight intraday drop, potentially forming an evening star candle, signaling indecision. Still, ETH has added 17% gains over the past two weeks, emboldening traders.
The daily Moving Average Convergence Divergence (MACD) indicator shows continued bullish momentum that could ignite a pronounced surge if it translates into trading volumes. However, analysts caution that the sustainability of any breakout will depend on decisively flipping overhead resistance around $2,600 to support subsequent retests.
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Previous failures to reclaim that level on multiple occasions last fall dashed hopes of extending Ethereum’s ascent. The Bulls now gear up earnestly for another approach, hoping this proves the final time ETH knocks at that door.
With optimism spreading, technical alignment, and fundamental tailwinds persisting, Ethereum appears poised for an imminent volatility expansion to $3,000. The coming days should determine whether the breakout manifests favorably to propel ETH upward or if the $2,600 resistance barrier holds firm once more.
