Ethereum (ETH) has demonstrated resilience as it consolidates around the $3,520 support level, a key indicator for potential bullish movements in the near future. Recent market activities and regulatory updates have fueled optimism among analysts, suggesting Ethereum might be poised for a significant breakout. This analysis comes amidst the backdrop of fluctuating Bitcoin (BTC) prices, adding another layer of complexity to the crypto market dynamics.
CrediBULL Crypto, a well-regarded analyst, recently shared his updated perspective, indicating growing confidence that lower price regions from previous analyses are now out of play. His optimism is partly fueled by recent developments suggesting the SEC might be easing its stance on Ethereum.
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CrediBULL’s chart analysis underscores the importance of Bitcoin (BTC) maintaining its support around $62-63k. If BTC holds this level, it could pave the way for ETH to capitalize on its solid support and make a run towards new all-time highs (ATH). The chart highlights a potential bullish path, emphasizing that the green support zone is likely to hold, setting the stage for a significant upward movement.
On the other side, Nebraskangooner, a crypto analyst, recently highlighted on the X platform that the market favors buying ETH below $3,450. This level has been tested multiple times, with long lower wicks on the candlesticks indicating consistent buying pressure.
Furthermore, the chart shows two critical moving averages—the 50-day (green) and 200-day (red). The shorter-term moving average crossing below the longer-term one has formed a “death cross,” typically seen as a bearish signal. However, the consistent defense of the $3,450 support level suggests potential bullish strength.
During reporting, Ethereum was trading at $3,553.50, reflecting a 3.01% increase in the last 24 hours and a 1.27% rise over the past week. The 24-hour trading volume stands at $19,153,790,837.99, and with a circulating supply of 120 million ETH, the market cap is valued at $434,680,379,521.
In comparison, Bitcoin’s price has dipped slightly to $65,451.02, with a 0.37% decline in the last 24 hours and a 2.71% decrease over the past week. Bitcoin’s trading volume over the same period is $32,172,352,930.61, with a market cap of $1,290,320,964,729 based on a circulating supply of 20 million BTC.
