The cryptocurrency, Ethereum (ETH) managed to break above $2,700 on Wednesday, a level it hadn’t reached since over a week ago, sparking optimism in analysts. Ethereum is now climbing toward $2,722, settling near $2,710, before some think it could top $3,000.
ETH has seen ranges of $2,430 – $2,650 over the recent week which makes investors anxious due to some inability to find support. This week’s 5.6% gain, however, has reignited hopes, with crypto trader CRG pointing to a key support level on the ETH/BTC pair at 0.0377 as a critical range that piled Ethereum back up in 2020.
Ethereum Shows Bullish Divergence
This recent ETH rally, CRG says, might be short lived, referring to the cryptocurrency as ‘the toxic ex girlfriend’, for giving fans little in the way of performance in support of recent spot ETF approvals.
A massive bullish divergence in the ETH/BTC chart’s daily timeframe is ‘time to be bullish on ETH’ according to prominent analyst Michaël van de Poppe. van de Poppe spotted the 0.051 as a major area for a possible trend reversal.
Crypto Yapper believes that Ethereum’s next resistance lies at the $2,800 level, with many other analysts seeing something similar. According to Yapper, the trick is that ETH has just placed five green daily candles in a row, and a break above $2800 would put the token up to $3000, possibly launching a broader altcoin rally.
ETH could hit $3,000 in weeks, according to Van de Poppe as the currency attempts to grab liquidity at $2,450. At the time of publication Ethereum is trading between $2,680 and $2,690, with a price of $2,693, representing a 1.4 per cent daily and 3.3 per cent monthly increase. But analysts say that volatility could continue as speculation mounts concerning the U.S. presidential election.
