Ethereum (ETH) has started to move again in recent days. Analysts point to a technical moment that could determine the further course of the price. According to Dutch analyst Daan, the digital currency is even facing its “big test”. How exactly does that work?
Ethereum price tests crucial zone around $3,350
The Ethereum price is currently moving around a decisive level. After a recent breakout, the coin is trading just above the $3,350 resistance at the time of writing.
According to Dutch analyst Daan Crypto Trades, this is a “big test” for ETH. “A resistance remains a resistance until it isn’t anymore,” he writes on X.
If Ethereum convincingly breaks above this level, the way is open to an increase towards $3,600 to $3,800, a potential price difference of almost 13.5 percent. This would make ETH reach its highest level in almost two months.
ETH is gaining ground on Bitcoin
ETH is currently up 7.6 percent on a weekly basis. The currency thus continues its upward trend that started at the beginning of this year.
Meanwhile, Ethereum is also gaining ground against Bitcoin (BTC). Over the past two months, the value of ETH has risen against BTC. In mid-December, 1 ETH was still worth approximately 0.032 BTC. This has now risen to almost 0.035 BTC.
This means that Ethereum is currently outperforming Bitcoin and shows that there is increasing interest in altcoins. From the technical analysis there is more hope for altcoins and you can read more about that in this article.
The Bitcoin price broke out of a triangle pattern that had lasted for months on Tuesday and shot to the highest level since mid-November. Now the same opportunity is open to Ethereum.
Other analysts also see opportunities
According to Dutch analyst Ted, the tipping point is around $3,400.
If we manage to break this level, both Ethereum and other altcoins can benefit from a broader rally.
However, if ETH bounces again, Ted believes a pullback towards the support zone around $3,200 is likely.
Another Dutch analyst, Michaël van de Poppe, sees signs of an impending breakout in Ethereum.
According to him, the price is currently building up to a so-called ‘compression’. This is a pattern where volatility decreases and the price prepares for a bigger move. “That outbreak could occur as early as the coming week,” said Van de Poppe.
Source: https://newsbit.nl/grote-test-breekt-aan-voor-ethereum-gaat-de-altcoin-bitcoin-achterna/
