Ethereum (ETH) has been making waves in the cryptocurrency market as it recently surged past the $3,325 supply zone, initiating a strong rally. In just three sessions, Ethereum’s price has shot up over 20%, currently sitting around $3,655. This marks the highest level Ethereum has reached since early 2024, driven by a confirmed breakout from a long-term triangle structure that had been suppressing its growth. As ETH continues its upward momentum, its ability to hold above key former resistance levels will be crucial for sustained bullish continuation.
What’s Happening With Ethereum’s Price?
The recent price dynamics of Ethereum have been quite remarkable. On the weekly chart, ETH has surpassed the 0.618 Fibonacci retracement level at $3,067 and is now nearing the 0.786 level, which is close to $3,524. This rally follows a pivotal breakout from the multi-year symmetrical triangle that is prominently displayed on the monthly chart. Since 2022, this structure had been a significant resistance for Ethereum, and the recent breakout signifies a major shift in its macroeconomic trend.
Analyzing the daily timeframe, Ethereum has decisively moved through major levels, including $2,530 and $3,325, with considerable momentum. The volume profile reveals a low-liquidity area between $3,500 and $3,700, suggesting that there may be less resistance to further price increases. This could potentially allow Ethereum to continue its upward trajectory, provided that it sustains its momentum and overcomes any upcoming resistance levels.
For more insights and the latest updates on Ethereum’s price prediction, visit CryptoRank.
