29 February, 2024

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

2 months ago

12 Jan, 2024

  • Michael van de Poppe signals a significant Ethereum breakthrough past $2,130, setting the stage for an upward trajectory.
  • SEC approval of spot Bitcoin ETFs fuels Ethereum’s surge beyond resistance levels, showcasing resilience amid anticipated pullbacks.
  • Ethereum faces a crucial period as traders anticipate a rally towards $2,700, influencing its trajectory and shaping the broader crypto market.

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.

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