Following the market’s recent performance, Ethereum (ETH) attempted to break out of a bullish formation. Some analysts believe the cryptocurrency is preparing to catch up with Bitcoin and aim for March highs.
Ethereum Getting Ready To Challenge BTC
This week, Ethereum has successfully reclaimed the $2,500 support zone following the market’s recent performance. The second-largest cryptocurrency by market capitalization has seen an 8.6% increase in the last seven days, moving from the $2,300-$2,400 range to the $2,600 mark.
In the last 24 hours, ETH has retested the $2,600 resistance level, currently holding it as support as it attempts to reclaim the $2,700 price range. This zone is the next crucial level, as the cryptocurrency hasn’t successfully broken above it in nearly three months.
Market analyst CryptoWolf pointed out that Ethereum has been rejected from the local top around this level twice since August’s market crash, making it the next big resistance to break.
However, once the zone is cleared, ETH’s price is “heading straight to the 3500s” since the analyst considers that the $3,000 mark “won’t stand a chance.” Similarly, crypto analyst Alex Clay suggested that the King of Altcoins is about to “catch up on BTC” and rise toward $3,500.
To the analyst, Ethereum completed its local accumulation within the $2,100-$2,700 range, and “it’s ready to switch the short-term trend for the bullish.” Other market watchers also suggested that the market is near the bottom after the sideway moves, based on the ETH/BTC chart.
Tony Research stated that the chart “suggests that altcoins are currently cheap relative to Bitcoin. An increase in this chart will positively affect altcoins and their prices.” As the investor pointed out, altcoins could see significant growth during Q1 2025 since Q4s have historically been Bitcoin’s best time to grow.
ETH Attempts Breakout From Bullish Pattern
Analyst Crypto Yapper noted that Ethereum is trying to break from its consolidating formation. The cryptocurrency has been within a three-month symmetrical triangle pattern, and it attempted to break above the upper trendline on Tuesday.
Yesterday, ETH rose momentarily above the trendline after hitting $2,688 but quickly retraced to $2,550. Ethereum tried another breakout from the symmetrical triangle upper trendline on Wednesday, surging above $2,630 before settling around the $2,600 support zone.
To the analyst, Ethereum will target the $2,900 mark next if it breaks out of this formation. Recovering this level could propel ETH’s price to its March highs, as the $2,900-$3,000 price range was a key support zone during the rally’s first leg.
Meanwhile, season trader Peter Brandt recently highlighted an inverted Head and Shoulders (H&S) pattern on ETH’s chart. The trader signaled that an H&S bottom is forming, also suggesting a massive breakout might be imminent.
As of this writing, ETH is trading at $2,612, a 1% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com