Ethereum Price Surges 5% to Retest $3,200 Resistance Level
Ethereum (ETH) price has surged by 5%, retesting the key $3,200 level after a week of sideways movement. Market analysts suggest this could signal a move toward Q1 highs and potentially initiate an altseason.
Ethereum Retests Key Support Level
Ethereum's performance against Bitcoin (BTC) has faced criticism, raising concerns about its ability to reach new highs this cycle. While BTC approached the $100,000 mark, ETH remained in the $3,000-$3,200 range.
Following a recent 5% increase, ETH is trading above $3,200 for the first time in over three months, previously reaching $3,400 before a slight retracement. Over the past week, ETH attempted to reclaim $3,200 as support but was unsuccessful until today’s jump.
Analyst Crypto Yapper noted that $3,200 represents a significant breakout point for Ethereum, suggesting that a successful retest could propel ETH towards $3,500. Conversely, failing to establish $3,200 as support may lead ETH to drop to the $2,600 level.
ETH’s Breakout To Kickstart The Altseason
Analyst Rekt Capital observed that ETH has broken out of a short-term bull flag, with predictions of revisiting $3,700 if the breakout is confirmed.
Another analyst, Zayk, identified a bullish pennant formation on the 4-hour timeframe, indicating a potential 15% rally to $3,700 following a breakout above $3,200.
Trader Daan advised monitoring Ethereum’s momentum, noting that the next impulse for the ETH/BTC pair could see it return to the 0.04 mark, representing a 20% increase from current levels, which would likely boost the overall altcoin market and decrease BTC dominance.
Currently, ETH is priced above $3,350, approximately 2% below last week's high.
