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Ethereum (ETH) price is finally moving after a week of sideways movement. In the past hour, the second-largest cryptocurrency saw a 5% rally to retest the key level of $3,200. Some market watchers believe that ETH is poised to move toward Q1 highs and kick off the swing season.
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Ethereum is retesting a key support level
Ethereum has been huge criticize to its performance against Bitcoin (BTC), with investors concerned that Ethereum may not reach new highs this cycle. ETH price action has moved sideways as the major cryptocurrency continues its price discovery mode.
On Thursday morning, Bitcoin approached the $100,000 mark after hitting an all-time high (ATH) above $98,000, while Ethereum continued to hover in the middle region of the $3,000-$3,200 price range for one week.
However, Ethereum saw a notable 5% rise to trade above the $3,200 level over the past hour. The second-largest cryptocurrency rose above $3,200 a week ago for the first time in more than three months, reaching $3,400 before retreating 5%.
Over the past week, ETH has been trying to do just that restoration The $3,200 resistance was considered support but it failed twice to achieve it. Today, the cryptocurrency’s jump pushed its price beyond key resistance towards the mid-range of the $3,300 area, reigniting bullish sentiment towards Ethereum.
Yaber cryptoanalyst He confirmed The $3,200 level is the “next big breakout” for Ethereum, as it was a major rejection point over the past week. The analyst highlighted that following ETH’s consolidation, the next step was to retest this level, which could see the cryptocurrency breakout towards the $3,500 mark if it recovers successfully.
However, failure to turn this resistance into support would likely result in ETH price losing the $3,000-$3,100 support and moving towards the $2,600 level, a key resistance before this month’s breakout, before attempting to reach $3,500.
ETH launch to start Altseason
Cryptocurrency analyst Rekt Capital male ETH is exiting a short-term bull flag today. According to this post, the altcoin king broke out of a three-week bull flag formation after crossing $3,200. Confirmation of the breakout “will see ETH return to the $3,700 level above,” the analyst predicted.
Likewise, cryptocurrency analyst Zaik He pointed out The cryptocurrency showed a two-week bullish pennant formation in the four-hour time frame. A successful breakout of the bullish pattern above the $3,200 mark could target a 15% upside to $3,700.
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Cryptocurrency trader dan male Investors will have to wait to see if Ethereum’s current momentum will continue. However, he sees the next push for ETH/BTC as “likely to have some steam and head towards some decent relief.”
This far we can see Ethereum/BTC The trading pair is back at the 0.04 level where it traded two weeks ago. The move would offer a 20% upside from current levels, which “should send the overall altcoin market moving and BTC dominance down by a decent amount.”
As of this writing, ETH price remains above $3,350, trading 2% below last week’s high.
Featured image from Unsplash.com, chart from TradingView.com
