Well now, gather ’round, folks! Ethereum (ETH) is strutting its stuff, trying to reclaim the glory of January 2025, and it seems to be holding onto a recently recovered level like a dog with a bone. Some of those so-called analysts are whispering sweet nothings about a potential 10% surge before we hit the stratosphere again. Can you believe it? 😏
Ethereum Breakout Eyes $3,100
Lo and behold! Ethereum has managed to reclaim the illustrious $2,800 barrier for the first time since February, inching ever closer to the $2,900 mark on a fine Wednesday morning. The King of Altcoins has been floundering between $2,475 and $2,680 since its May breakout, like a fish out of water, unable to turn that upper boundary into a cozy support. 🐟
Last week, during a bit of a hiccup, ETH took a nosedive to the $2,400 support before bouncing back like a rubber ball over the weekend. The crypto market, bless its heart, saw Ethereum surge toward the key resistance, finally breaking through at the start of the week and hitting a three-month high of $2,879 today. What a rollercoaster! 🎢
Following this performance, our friend Analyst Carl Runefelt from The Moon Show noted that the cryptocurrency had broken out of an ascending triangle formation. Now, he’s got his eyes set on the $3,100 resistance. Talk about aiming high! 🎯
Runefelt had previously pointed out ETH’s triangle pattern, which began forming at the start of last month’s recovery rally. During that time, the price was squeezed tighter than a pair of old shoes between the support and resistance lines, with the latter sitting around the $2,700 mark. 🥾
He’s forecasting a 15% surge toward the $3,100 level if the altcoin can reclaim that crucial resistance level. If it holds its current range, Ethereum could climb another 10.7%. It’s like watching a game of poker, folks! 🃏
Runefelt also pointed out another bullish formation in ETH’s trading pair against Bitcoin (BTC). According to the ETH/BTC chart, Ethereum has formed a bullish pennant pattern during the May rally. Sounds fancy, doesn’t it? 🎩
Amid this week’s recovery, the cryptocurrency has broken out of the formation’s upper boundary, eyeing a 30% surge toward the 0.03300 mark. Hold onto your hats, folks! 🎩
ETH To Repeat History?
Market Watcher Kaleo has been drawing parallels between ETH’s performance from 2020 to 2025. He claims there are “a lot of similarities on the chart to where we are now vs. where we were in 2020.” Sounds like déjà vu, doesn’t it? 🌀
As he explained, back in the Spring of 2020, Ethereum took a major hit, thanks to the COVID-19 crash, which sent its price below a key higher timeframe (HFT) support. But once that ascending trendline was reclaimed as support, ETH was “up only for the next 20 months.” Now that’s a comeback story! 📈
Kaleo detailed the recent sell-off, caused by the Trump Tariffs scare, which sent the altcoin below its multi-year ascending support trendline. He added that “ETH is currently on the verge of reclaiming that line.” Fingers crossed, folks! 🤞
The analyst suggested that if history repeats itself, investors could be in for “another great ETH bull run and accompanying alt season.” Sounds like a party! 🎉
Meanwhile, analyst DonAlt chimed in, affirming that ETH’s chart looks “pretty good” amid its HTF range reclaim. He believes a new all-time high (ATH) is likely if the $3,800 resistance is reclaimed, while the rally’s invalidation level is a close below the $2,200 mark. Talk about a tightrope walk! 🎪
As of this writing, ETH trades at $2,803, a 6.7% increase in the daily timeframe. Not too shabby, eh? 💰
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2025-06-12 10:22