The second largest cryptocurrency Ethereum (ETH) is at its highest levels since late July at now hovering around $3,470, logging a notable recovery. A bullish trend has been proven a fact by a price seeing its holds above critical 200 day moving average (MA) at $2,965.
Analysts now closely follow Ethereum’s potential to break through key resistance levels as it inches closer to its annual high of $4,000. Earlier this week, top crypto analyst Carl Runefelt shared in a recent X post that Ethereum’s solid foundation will help the token power ahead and grow.
Ethereum Could Surge To $3,700 If $3,500 Resistance Breaks
If ETH can break through the $3,500 resistance zone it could rocket towards $3,700 within hours, he predicts. However, Runefelt believes this price movement would be a major turning point in Ethereum’s build towards new highs. Its strong on chain activity and institutional interest are a bullish signal as well to its potential price trajectory.
The $3,500 resistance still poses a significant barrier, however, but the bears need to take out that level first for whatever follows to eventually be considered bullish. If ETH does manage to break above this level, it will likely indicate continued uptrend and move the asset closer to its yearly highs of $4,000. However, if you don’t break through this resistance,
it’s likely that you will see consolidation or worse, a price correction, as even the buyers will wait before buying further based on a stronger signal. Speculation of an “Altseason” reignited as the current price action has propelled Ethereum and in turn caused speculation of gains elsewhere across altcoins.
Ethereum historically has led the price charge hardest as a leading indicator of broader market actions, and its power is pointing to a similar sample. ETH faces this critical resistance point and market observers are watching. If Ethereum spikes above $3,500 it could attain decisive break above, assuming it’s able to dominate market narratives in the coming weeks.
