Ethereum (ETH) is currently trading in the green, defying the broader market trend. According to CoinMarketCap data, ETH is trading at $2,407.35 with a 4.6% surge in value over the last 24 hours.
World Of Charts, a prominent analyst on X, recently shared insights on Ethereum’s current trend. According to the analyst, Ethereum is consolidating within a bullish pennant. In the event of a successful breakout, analysts predict a significant move towards the $3500 mark.
Crypto trader Skew echoed this sentiment, emphasizing the importance of the $2320–$2382 range as a strong resistance zone. Notably, this level has witnessed multiple rejections, adding a layer of significance to any potential breakthrough.
Skew highlighted that for confirmation, a robust 1-hour and 4-hour close above $2400 is crucial. The trader also emphasized the importance of the 4-hour trend and the yearly open reclaim, both of which could contribute to sustained bullish momentum.
While the broader cryptocurrency market is experiencing a downturn, Ethereum stands out with a 4% surge. Breaking through the $2400 level, ETH demonstrates resilience and strength as BTC trades in the red.
Skew’s analysis delves into specific levels to watch, emphasizing the significance of breaching the resistance zone. The trader notes that the $2320–$2382 range has proven to be a formidable barrier, and overcoming it could pave the way for further gains.
Skew also points out that indicators like RSI and stochastics still show substantial momentum behind the price, indicating the potential for higher gains.
Interestingly, Skew suggests that Ethereum’s bullish momentum could be further fueled by the potential approval of the BTC Spot ETF. If legitimate approval materializes, it might provide additional support for ETH’s upward trajectory.
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