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Ethereum made headlines after seeing a break above the $3,700 level, a key resistance area that had previously capped its upward momentum. This milestone represents an important turning point, as the price continues to push towards new yearly highs. After the breakout, Ethereum pulled back to test the support level at $3,700, cementing this level as a potential starting point for future price movement.
Top cryptocurrency analyst, Jelly, shared a detailed technical analysis of X, highlighting Ethereum’s breakout from a multi-year bull flag pattern. According to Geely, this pattern has been forming since 2021 and represents a long-term consolidation phase. A successful breakout and retest of the flag indicates strong bullish momentum, paving the way for significant gains in the coming months.
Ethereum price movements In line with growing optimism in the broader market, Bitcoin’s rise inspires renewed interest in altcoins. With ETH now positioned above crucial technical levels, investors are increasingly confident in its ability to continue rising. However, as market volatility continues, Ethereum’s ability to hold above $3,700 will be crucial in determining the strength of this uptrend.
Ethereum’s bullish trend has been confirmed
Ethereum price action has confirmed the bullish outlook for the coming months as it takes off and stabilizes above key resistance levels, indicating that a new uptrend may be underway. After years of consolidation, ETH finally tested yearly highs and maintained a strong bullish price structure. This is a positive sign for investors, who are becoming more confident in Ethereum’s long-term potential.
Best crypto analyzer Jelle recently Share technical analysis on Xhighlighting Ethereum’s breakout from a multi-year bullish pennant pattern. This flag has been building for years, and the recent breakout represents a decisive shift in market sentiment. ETH not only broke the pattern, but also successfully retested it, confirming the strength of the upward movement.
According to Jelly, “When ETH trends, it trends,” and this statement reflects the potential for significant upward momentum if ETH maintains its current trajectory. A successful retest suggests that the bulls are in control, and ETH could see an extended rally in the coming months, surpassing previous highs.
The optimism surrounding Ethereum is supported by strong technical data, with many investors seeing this breakout as the start of a strong trend. The potential for further gains increases as Ethereum holds above key levels. The coming months will be crucial for ETH, and market participants are eagerly awaiting confirmation that this uptrend can sustain itself as the price continues its upward march.
Support key hold rate
Ethereum is trading at $3,700, holding firm above this crucial support level. This price point is vital to maintain momentum and ensure the uptrend remains intact. Ethereum is expected to continue rising above its yearly highs. A successful break above these levels would indicate continued strength and could lead to an extended rally as ETH enters a new price discovery zone.
However, Ethereum may face a pullback to lower demand areas if it fails to break the yearly highs and loses support around the $3,700 level. In this case, the key levels to monitor will be the following support areas, which can provide the necessary foundation for a potential recovery. A failed breakout likely indicates that the market needs further consolidation before continuing its uptrend.
Right now, the bulls want confirmation that ETH can maintain its position above $3,700 and break through the resistance. Ethereum could continue its strong upward momentum in the coming months if this happens. On the other hand, if the price falls below this key support, investors will need to reevaluate the outlook for Ethereum in the short term.
Featured image by Dall-E, chart from TradingView
