There is optimism within the Ethereum community as analysts predict a potential spike in the value of ETH if a key resistance level is broken. According to crypto analyst Michael van de Poppe, Ethereum could see a significant price surge to as high as $3,100 if it manages to break above the resistance level at $2,150. This is based on the information contained in a recent post shared on CoinJournal.
The recent trading activity of Ethereum has been quite volatile, with the cryptocurrency reaching highs of $2,136 before retracing to $2,016 over the weekend. However, on Monday, Ethereum showed signs of an uptick as it rose to trade around $2,120. This movement reflects the ongoing battle between buyers and sellers within the market.
The catalyst for the potential price surge in Ethereum is linked to the possibility of a spot Bitcoin ETF approval, which could have positive spillover effects on Ethereum. Market observers believe that if the first spot Bitcoin ETF is approved for the US market, it could lead to a significant uptrend for both Bitcoin and Ethereum.
The tweet by analyst Michael van de Poppe suggests that Ethereum is currently facing a major resistance level at $2,150. If this level is breached, the next potential supply zone for Ethereum is predicted to be between $3,100 and $3,600. This forecast represents a potential increase of 44% to 67% in the price of Ethereum if the resistance is broken.
The analyst compared the resistance level at $2,150 for Ethereum to the $30,000 barrier that rebuffed numerous bullish attempts for Bitcoin. This comparison indicates the significance of the $2,150 level for Ethereum and the potential for a strong bullish breakout if it is surpassed.
Based on technical analysis, the price chart for Ethereum shows an ascending triangle pattern, which suggests the possibility of a bullish breakout. This pattern, combined with the analyst’s prediction, adds to the growing anticipation around the potential surge in Ethereum’s value.
As of the time of writing, Ethereum was trading at around $2,093, showing a 2.4% increase in the past 24 hours. The cryptocurrency has experienced a notable 11% surge in the past week and a 35% increase in the past 30 days.
Overall, the outlook for Ethereum remains positive, with the potential for a significant price increase if the key resistance level at $2,150 is broken. As the market awaits the outcome of potential developments such as the approval of a spot Bitcoin ETF, the Ethereum community remains hopeful for a bullish trend in the near future.