Ether Bullish Momentum Returns: Breaking Resistance and Leaving
For the first time in four weeks, Ether closed above $2,700 on Wednesday, indicating ongoing positive momentum. As ETH maintained a solid higher time frame structure into Thursday, the upward trend persisted, paving the way for a rally toward the psychological milestone of $3,000.
According to Swissblock, a data analysis company, Ether’s present situation in relation to Bitcoin is far more positive than it was during the second quarter. So, the altcoin season may be about to begin. The analysis indicates that, in contrast to Bitcoin’s declining strength and consolidation, ETH inflows are accelerating, and its ecosystem narratives are becoming stronger. The graph displays the relative outperformance of ETH. The reversal at the start of May, which set off the first cryptocurrency recovery since the price bottomed out on April 7, is also reflected in it.
Swissblock: ETH Stability Could Trigger True Altseason in 72 Hours
Swissblock highlighted a crucial 72-hour window, indicating that the authentic start of altseason may occur if the ETH price remains stable. The decline in BTC’s dominance, a historical indicator of altcoin spikes, is consistent with this change.
Another factor supporting Ether’s recent success is the obvious increase in institutional demand. Since February 2, open interest in Chicago Mercantile Exchange (CME) ether futures has increased to $3.27 billion. A greater desire among experienced investors to become exposed to ETH as price momentum increases is reflected in this spike. This points to rising institutional positioning.
Key Levels to Watch in Ethereum’s Next Move
There is a clear market structure in Ether, and bulls are trying to move the price over the established resistance level between $2,650 and $2,750. Bullish breakouts have been consistently rejected by this level, which has served as a solid ceiling since May.
The way to the $3,000 psychological barrier would become accessible with a successful range flip. An area of low volume between $3,000 and $3,300 is shown on the chart. This gap may cause the price to move more quickly. Simply said, less opposition indicates fewer previous transactions in this range, increasing the likelihood of a quick upside if the trend continues.
On the other hand, ETH may continue its sideways consolidation phase even if it is unable to make a conviction at $2,750. The market might still fall to liquidity lows of about $2,375, particularly given the high level of leverage being used.
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