Analyst Predicts Bullish Potential for Ethereum, Eyes $3480 Resistance

Ethereum’s current market stance exhibits a fascinating dynamic as it teeters near pivotal price points that could determine its trajectory in the coming weeks. According to the detailed insights from crypto analyst VellaCryptoX, Ethereum appears poised for a potential surge, provided it can overcome specific resistance levels.

Ethereum’s immediate challenge lies at the resistance mark of $3445.31. A successful breach of this threshold may pave the way for a run towards the $3480 area. This move could reinforce the bullish sentiment among investors, pushing the value to even loftier heights near $3600.

Conversely, Ethereum also faces a test of resilience at its support level of $2997.56. This price serves as a critical line of defense against any significant downturns. If Ethereum falters and breaks below this level, the next safety net is positioned at $2884.98.

Such a scenario would necessitate a cautious approach from traders, as it may signal a shift towards a bearish market trend. The ability of Ethereum to sustain itself above the $3300 mark is crucial and could be indicative of its near-term financial stability. 

Ethereum’s price has surged steadily over the past 24 hours. After the market rebound, ETH hovered above the $3,300 level, indicating a more bullish trend ahead. As of the reporting time, Ethereum was trading at $3,337, up 4.26% during the U.S. trading hours. 

The current market cap of Ethereum has also risen by 4.38% to reach $401.17 billion. Notably, the trading volume has spiked by 24.66%, totaling $11.97 billion, which suggests heightened activity and interest among traders.

The daily technical indicators for the ETH show a positive trajectory in recent trading sessions, as reflected in the chart. The Relative Strength Index (RSI) is currently at 53.98, rising from above the 50 level. This movement suggests a growing strength in buyer momentum, indicating continued bullish sentiment in the market.

Meanwhile, the Moving Average Convergence Divergence (MACD) has transitioned from a bearish to a bullish phase. The MACD line (blue) has crossed above the signal line (red), further supporting the optimistic outlook for Ethereum in the near term.