The recent performance of Ethereum in the cryptocurrency market has once again turned eyes towards this giant crypto asset. As the leader of altcoins, Ethereum’s price has recently surpassed Bitcoin, reaching levels above $3,100. This level for Ethereum was last seen in January 2022. This upward trend could strengthen in the coming days.
Ethereum Maintains Solid Ground Above $3,000
With altcoin Ethereum forming a solid base above the $3,000 resistance zone, the start of a new increase for this crypto asset has become inevitable. Currently, the price is trading above the $3,100 level and the 100-hour Simple Moving Average. This indicates that Ethereum is in a strong upward trend.
Technical indicators strongly confirm the bullish trend of altcoin Ethereum. Notably, on the hourly chart, there is a significant upward trend line at the $3,100 level. This suggests that Ethereum could soon rise to levels of $3,200 or even as high as $3,250.
Ethereum Leaves Bitcoin’s Rise Behind
Ethereum’s overtaking of Bitcoin is also a noteworthy development. ETH has firmly held above the $2,880 support zone and is rapidly advancing above the $3,000 resistance. This latest surge clearly shows that Ethereum has been outperforming Bitcoin recently.
However, even though the cryptocurrency Ethereum’s upward trend is strong, certain resistance levels need to be overcome. Particularly, surpassing the $3,120 resistance will be an important step for Ethereum. If this does not happen, expecting a downward correction would be reasonable.
In conclusion, the performance of Ethereum in the cryptocurrency market continues to draw the attention of investors. However, technical levels must be closely monitored, and caution is advised regarding the future movements of the price. As the recent rise has shown us, Ethereum continues to shine beyond Bitcoin’s shadow. The cryptocurrency Ethereum is trading at $3,105 at the time of writing this article.
Recently, analyst Michael van de Poppe had evaluated Ethereum, suggesting that the altcoin ETH could head towards the $3,200 level. With its latest movement, Ethereum seems to be inching closer to the analyst’s target.
