- Ethereum surpassed the $3,100 resistance, aiming for $3,800 in the coming weeks.
- Ethereum’s recent move above the 21-Day Moving Average suggests bullish momentum.
- Ethereum’s consolidation after breakout signals a potential expansion in price.
Ethereum ($ETH) has recently surpassed the $3,100 resistance level, indicating a breakout and potential for further price growth. The digital asset is currently consolidating its position, showing similarities to Bitcoin’s market behavior.
This breakout has attracted attention from traders, as they now set their focus on a new price target zone at $3,800. Ethereum’s ability to hold above $3,100 in the coming days could confirm the continuation of an upward trend.
Key Resistance Broken: Ethereum’s Bullish Momentum Builds
Ethereum’s recent move above the $3,100 mark has marked a clear shift in its market momentum. This breakthrough follows Ethereum’s successful break of the 21-Day Moving Average, a crucial indicator for traders.
Michaël van de Poppe, a well-known cryptocurrency analyst, highlights that this signals a shift towards a possible uptrend. With this technical signal, Ethereum is now expected to target higher levels, with a focus on reaching the $3,800 zone in the near future.
Ethereum’s Market Sentiment Remains Positive Amid Consolidation
Ethereum is currently consolidating at the $3,100 level, a period that often precedes a more sustained price movement. As it stabilizes, market watchers are focusing on the cryptocurrency’s potential to break further resistance.
Ethereum’s recent price activity suggests it is preparing for a broader expansion in the weeks to come. With strong upward momentum on lower timeframes, traders are optimistic about Ethereum’s near-term performance.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
