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Ethereum (ETH), recovering from the critical demand zone at $2,200, continues its climb within a stable uptrend. Moreover, the rising trend in ETH’s price is forming a rounding bottom pattern, challenging the resistance level at $2,600. The rise in Bitcoin‘s price above $49,000, giving additional momentum to the altcoin market, is also a significant reason for the favorable conditions for ETH. Additionally, the anticipation of a potential spot Ethereum ETF approval and the approaching release date of the Dencun update positions ETH for high growth throughout the year.
Ethereum Indicates Continuation of Bullish Trend
ETH’s price trend, ready to challenge the previous bull run’s peak at $2,600, indicates a reversal of the downtrend, forming a trend continuation pattern. The increase in trading volume, along with the trend reversal, hints at a rounding bottom formation, suggesting the continuation of the uptrend.
Despite high price rejection candles at $2,500 following consecutive green uptrend candles signaling a potential pullback, as long as buyers maintain the price within the formation, the uptrend is expected to continue, with the price potentially surpassing $2,600.
The Key to $3,000 for ETH May Unlock Any Moment
Currently, ETH’s price is trading around $2,577, marking a 2.16% increase in the last 24 hours, with a potential evening star pattern formation becoming noticeable. However, to reach the $3,000 level, the price must first break through the initial condition of the $2,600 level, as expected for the continuation of the uptrend.
On the other hand, in the event of a correction, a retest of the $2,363 level, which aligns with the 23.60% Fibonacci level, could be possible.
Technical indicators, such as the rising MACD and signal lines on the daily timeframe, point to an increase in the underlying bullish momentum for ETH, indicating that a significant breakout is on the table for the altcoin king.
