In an unexpected turn of events, Ethereum has registered a 7% increase within a day, hitting the $2,787 mark during the early trading hours in Asia on Thursday. This four-week high is an achievement Ethereum hasn’t seen since June 12 when it topped $2,870.
However, substantial resistance exists at this level, and Ethereum has not managed to climb above $3,000 since the early days of February. Despite this, crypto analysts and traders maintain a hopeful outlook.
MN Fund founder, Michaël van de Poppe, commented, “ETH is steadily climbing upwards, and it’s on the verge of making a significant upward breakout.” He further emphasized the probable “momentum in the entire ecosystem” in the upcoming times.
Ted Pillows pointed out that a large number of positions could face liquidation if ETH reclaims the $2,800 mark. Pillows stated, “Informed investors are making purchases, and the Ethereum trend resembles the Bitcoin 2020-21 cycle.” He anticipates, “The most significant shift will occur in the next few months.”
‘Merlijn The Trader,’ an analyst, compared the Ethereum chart with the Dollar Index (DXY), stating, “It’s reminiscent of 2020, but now trillions are at stake.”
Investor “Crypto GEMs” compared the current chart pattern with a virtually identical pattern for ETH just before it rallied in 2017, albeit on different time scales.
This week, Electric Capital, a crypto venture firm, predicted Ethereum’s potential as it turns into the foundation of digital finance and tokenized assets such as stablecoins.
However, Ethereum is still down 43% from its 2021 peak, while Bitcoin just hit a new high. Bitcoin peaked at around $120,000 on some exchanges but couldn’t maintain the momentum and fell back to $111,000 at the time of writing.
The top two’s movement added $100 billion to the total crypto market capitalization, which currently stands at $3.53 billion. Altcoins like XRP, Dogecoin, Cardano, Hyperliquid, Sui, and Stellar outperformed their peers.
