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On Wednesday, Ethereum (ETH) rose above the price of $2,700 for the first time in more than a week, sparking a bullish feeling among several crypto analysts. Some have suggested that the second largest cryptocurrency will quickly break from the next level of resistance and return to the $3,000 mark.
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Ethereum Retests $2,700
Ethereum rose above a key resistance level on Wednesday morning as most of the crypto market rallied. The cryptocurrency rallied 3.1% to the $2,700 horizontal level, hitting the $2,722 mark before returning to $2,710.
Over the past week, ETH has moved between the $2,430-$2,650 range after failing to hold its support. This performance has worried many investors and market watchers, who have been critical of crypto price action throughout the year.
However, today’s jump represents a 5.6% increase on the weekly schedule, which has sparked positive sentiment among the public. Crypto trader CRG noted that Ethereum is testing the support level in its trading pair against Bitcoin (BTC) at the high time (HTF).
According to the chart, ETH/BTC is retesting the HTF support at the 0.0377 level. The 0.023-0.040 area was an important area between 2020 and 2021, when ETH’s rally was very high starting after breaking above the upper line of this range.
The trader suggested that Ethereum’s surge will be short-lived as the “King of Altcoins” had a “disappointing” performance despite the approval of ETH exchange-traded funds (ETF). “ETH is like a toxic ex-gf that keeps you going back,” he joked.
Similarly, crypto analyst Michaël van de Poppe noted that it is bullish time for ETH, suggesting that there is a “big bullish divergence” in the one-day period of the ETH/BTC chart, while it “appears” in three. – time of day. Van de Poppe pointed out that the 0.051 point is the critical inversion point.
ETH To Reach $3,000 In Two Weeks?
Various crypto analysts have placed the resistance level of $2,800 as the next important point if Ethereum successfully returns to the $2,700 mark. Crypto analyst Yapper pointed out that ETH has registered five consecutive green candles every day since breaking out of last week’s low.
For the analyst, if ETH breaks above the horizontal level of $2,800, the cryptocurrency will rally to the resistance level of $3,000 and start the altcoin season.
Similarly, van de Poppe suggested that Ethereum will break above a key horizontal level in the next two weeks, as it took liquidity at the $2,450 level and “pulled back to resistance.” According to the analyst, this may push the price of ETH to $3,000 in November.
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ETH rejected the $2,700 resistance level, moving between the $2,680-$2,690 price range in the last hour. As of this writing, the cryptocurrency is trading at $2,693, up 1.4% and 3.3% over the daily and monthly periods.
Nevertheless, it is worth noting that the crypto market may continue to experience high volatility in the next few days as speculation increases ahead of the US presidential election.
Featured image from Unsplash.com, Chart from TradingView.com