Given the growing bullish momentum across the general crypto market, Ethereum is showing early signs of an upward movement as it draws close to key resistance levels. While ETH is gaining traction, a crypto analyst underlined a particular price level where the altcoin could muster enough strength for its next major rally.
Technical Level To Ignite Ethereum’s Rally
Ethereum is preparing for a notable upward move following the renewed market surge, mainly triggered by Bitcoin’s significant growth in the past few days. Technical and on-chain analyst, Ali Martinez, has highlighted an impending upswing for ETH, pointing to a key zone in the journey toward higher price levels.
According to the expert’s analysis, this crucial resistance zone ahead has historically acted as a turning point for upside movements. However, this zone may either signal the start of a new consolidation cycle or confirm the strength of the current rally.
In the X post, Ali Martinez noted that Ethereum’s newfound strength hints at a spike to the $3,000 mark as it escapes the immediate barrier. ETH may be gearing up for a jump to this mark, but the altcoin must break and hold above the $2,588 zone.
Looking at the 1-hour chart, the anticipated upward move is further supported by a crucial Head and Shoulders formation, a technical pattern that mainly sparks notable price growth. With ETH breaking the resistance trend line of the pattern, Martinez is confident that the altcoin will hit the $3,000 range in the upcoming days.
Even though Ethereum is poised to rally, it appears the move will not be an easy ride for ETH, as several price levels have been observed acting as strong barriers against upside attempts. These barriers identified by Martinez include $2,668, $2,711, $2,774, and $2,827 at the Fibonacci levels of 1.272, 1.414, 1.618, and 1.786, respectively.
Ali Martinez’s prediction aligns with that of Michael Van De Poppe, a crypto analyst and founder of the MN Fund, who has previously forecasted a move to $3,000. Van De Poppe believes that with current momentum, ETH might hit this level very soon.
After analyzing ETH’s price action in the 6-hour time frame, the expert has highlighted the $2,410 range as a critical area that the altcoin must hold to lay the groundwork for its push to $3,000.
A Massive Triangle Pattern Forming On ETH’s Chart
In a larger time frame, particularly ETH’s 2-week chart, market expert Trader Tardigrade has revealed the formation of a massive Symmetrical Triangle pattern. A symmetrical triangle is a technical formation that precedes a notable uptrend or downtrend after a period of consolidation.
Presently, the altcoin is inching closer to the upper line of the triangle pattern at the $3,700 and $3,800 price range once again, indicating growing momentum. In the event of a breakout, Trader Tardigrade predicts a substantial surge to the $21,000 milestone.
Featured image from Getty Images, chart from Tradingview.com
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