Now that Bitcoin has reached a new all-time high, Ethereum Price appears to be trying to catch up. The smart contracts behemoth recently broke through a key resistance level, potentially resulting in a 134 percent increase. After slicing through major resistance, Ethereum may be ready to restart its rise to fresh all-time highs.
The Ethereum rise is still going strong, and it appears to be approaching the crucial and significant levels. At the time of writing, the second-largest cryptocurrency by market capitalization had broken through key resistance at $4,000 and was rapidly moving towards price discovery.
The coin’s trading volume has declined by 12.0% in the last week, while its entire circulating supply has decreased by 0.4 percent.
Ethereum Price Analysis:
The price of Ethereum has risen past the $3,880 resistance mark and is currently trading at $4060. It’s worth mentioning that for the bullish view to prevail, Ethereum must maintain a price over $4,000.On the downside, $3,800 serves as an initial support level. Near the $3,750 mark, the first major support is emerging.
Ethereum’s price activity since mid-May, according to Peter Brandt, has resulted in the creation of a cup and handle on the daily chart. This technical pattern is used to detect opportunities to go long and is considered a positive indicator prolonging an uptrend. It implies that Ether is on the verge of a 134 percent bull run that might take it above the $9,000 mark.
Ethereum Price to hit $20k
According to analyst Justin Bennett, Bitcoin is the key to greater positive actions. Ethereum might follow directly into its May trend line if the benchmark cryptocurrency can maintain its upward trajectory, according to the researcher.