Ethereum (ETH) gained over 6% in the last 24 hours, notching its third straight day of upside. The recent rally coincides with the wider crypto market awakening from its months-long slumber as Bitcoin topped $50,000. With bullish momentum accelerating, analysts watch for ETH to challenge key resistance levels to the psychological $3,000 mark.
After rangebound trading between around $2,185 and $2,250 for several weeks, ETH finally broke out above the $2,330 resistance level that had capped previous rally attempts this year. Strengthening upward momentum saw prices gain 6% Monday and extend higher.
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The asset now trades for around $2,645. Still, analysts caution that Ethereum may face selling pressure near the $2,700 zone that repeatedly rejected upside breakouts last fall.
The daily Moving Average Convergence Divergence (MACD) histogram shows sustained buying pressure via its rising trajectory. Additionally, the MACD lines appear on the cusp of a bullish crossover that could indicate further gains ahead.
If the bulls keep control and shatter resistance around $2,700, ETH would eye retest $2,850 and then the elusive $3,000 handle according to Fibonacci extension levels. All eyes are fixated on whether ETH can build enough momentum to conquer these barriers over the short term.
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Bigger-picture bull cases hinge on an eventual daily close beyond the psychologically crucial $3,000 milestone that has hovered over crypto markets for the past year.
Changelly analysts predict that ETH can hit a high of $2,808 in February. However, the price can also depend on the trajectory of Bitcoin and whether it can sustain its momentum.