• 22 June, 2024
Market News

Ethereum Surges Past Key Resistance, Analyst Foresees Rally to $3,500

In a pivotal move, renowned cryptocurrency analyst Michael van de Poppe has provided his perspectives on Ethereum’s trajectory, indicating a noteworthy advancement in the market. According to his recent X post, Ethereum has surpassed the critical resistance level of $2,130, setting the stage for a compelling upward trajectory.

According to the analyst, Ethereum is currently in a position to make a significant upward move, with a target of reaching new cycle highs of $2,700 in the short term. Moreover, the analyst predicted that Ethereum’s momentum would continue to push the cryptocurrency towards the impressive target of $3,500 within the next 2-3 months.

This breakthrough is crucial for Ethereum enthusiasts and investors as the cryptocurrency landscape evolves rapidly. The ability to breach the $2,130 barrier signifies a potential shift in market sentiment, with bullish forces gaining prominence.

Source: Chart by Michael van de Poppe

Following the SEC’s official approval of all spot Bitcoin ETF applications , the crypto realm, along with ETH prices, surged beyond their respective resistance levels. While a reasonable pullback was anticipated, the token exhibited resilience by maintaining its gains, showcasing the prevailing dominance of the bulls. Despite the escalating selling pressure, the token is anticipated to sustain a robust upward momentum and is speculated to ascend beyond the crucial targets.

Ethereum is trading at $2,663, reflecting a 0.52% increase in price over the last 24 hours and an impressive 18.62% surge in the past 7 days. The 24-hour trading volume stands at $19.19 billion.

Source: TradingView

The cryptocurrency market, known for its volatility, remains an arena where swift and dramatic movements can define the landscape. With Ethereum breaking through the $2,130 level, the spotlight is now on whether the projected rally towards $2,700 and beyond would materialize. As traders position themselves strategically, the coming months could be pivotal for Ethereum, shaping its trajectory and influencing the broader crypto market.

Altcoins in the Spotlight: ARB/USD and SEI/USD Rally, DOT Watches $8.50 Threshold Read Previous

Altcoins in the Spotlight: ARB/USD and SEI/USD Rally, DOT Watches $8.50 Threshold

Crypto Market Witnesses Token Unlock Worth $208.14: INJ, AXS, and APE Lead Read Next

Crypto Market Witnesses Token Unlock Worth $208.14: INJ, AXS, and APE Lead