Potential Ethereum Price Surpassing $3,100?
Unbridled Insights on Ethereum's Potential Breakout
Morning calls in the crypto world have Ethereum (ETH) attempting another crack at a major resistance level that has stalled its progress during last month's market resurgence. Analysts have a positive outlook, expecting the digital asset to conquer this price barrier, initiating a short-term breakout.
Ethereum's$3,100 Target: An Optimistic Projection
Since its late May upswing, Ethereum has oscillated between $2,475 and $2,680, failing to convert the upper limit of the price range into support for over a month. Last week, the market downturn caused Ethereum to plunge around 11% from its peak of $2,788, but it bounced back on Monday.
At the start of the week, Ethereum reclaimed the $2,500 mark and continued its recovery, sailing beyond $2,600. Midweek, ETH registered another rise, surging +3.2% and approaching the local resistance, before retracing to the $2,635 level.
Swedish entrepreneur and cryptocurrency influencer Carl Runefelt, best known as "The Moon" in the industry, has commented on Ethereum's performance. According to his expert analysis, Ethereum is displaying stability by remaining within a key formation in the daily timeframe. The asset is forming an ascending triangle pattern from the May rally, with the upper line around $2,680-$2,700. If Ethereum breaks this pattern, the estimated move could reach up to 15%.
Runefelt predicts a strong rally towards the $3,100 level if this crucial resistance is surpassed. However, if not, the analyst anticipates Ethereum slipping down to the $2,300 support.
Crypto Bullet shares Runefelt's enthusiasm, noting a similar pattern in Ethereum's chart. The analyst promises a larger increase for ETH, with an imminent 15-20% breakout on the horizon.
Crypto Jelle believes that once Ethereum reclaims the primary resistance area between $2,680 and $2,850, the asset will skyrocket. Breaking this price range would propel Ethereum above its multi-year ascending support line, paving the way for a climb towards the cycle's highs.
For analyst Ted Pillows, Ethereum's performance mirrors Bitcoin's in 2020. According to Pillows, Ethereum has formed four consecutive two-week candles from its April 7 low, a pattern similar to Bitcoin after its March 2020 crash. The expert predicts that Ethereum may reach a new all-time high in the coming months, provided it continues to follow Bitcoin's 2020 trajectory.
Merlijn The Trader also recognizes analogies between the two assets, asserting that Ethereum has just passed the most sensitive phase of the cycle, known as "Spring" and "Test" in the Wyckoff accumulation model. The trader insists that Ethereum's structure suggests a breakout is imminent.
Amidst the asset's predicted breakout, investors are diversifying their portfolios with Ethereum's ecosystem tokens, including the recently introduced Best Wallet utility token, $BEST. This innovative Web3 wallet offers secure management of one's crypto, conversion to fiat currency within the app, and access to the best crypto presales selected by the development team.
$BEST token holders can enjoy benefits such as discounted transaction fees within the Best Wallet ecosystem and elevated staking rewards. As the token is still in the presale phase, users of Best Wallet can purchase it directly from the app or on the official presale website, using ETH or USDT stablecoin.
Ethereum's projected move could reach up to 15% if it breaks the upper line of the ascending triangle pattern, as suggested by Carl Runefelt, who is optimistic about a potential breakout.
Tech-savvy investors are capitalizing on this optimism by diversifying their portfolios with Ethereum's ecosystem tokens like the Best Wallet utility token, $BEST, offering benefits such as discounted transaction fees and elevated staking rewards.
