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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Eyes $3,000: A Break Above $2,588 Resistance Could Spark Bullish Momentum

Ronaldo Marquez
Ronaldo Marquez
2 months ago
3 mins read
Ethereum price

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On Wednesday, Bitcoin (BTC) achieved a remarkable milestone, reaching a new all-time high near the $110,000 mark. In contrast, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a more modest increase of 1.7% on the daily time frame. 

Is A New Bull Run On The Horizon For Ethereum?

Currently, Ethereum is trading at approximately $2,575, which places it 49% below its previous peak of $4,878, reached during the last bullish cycle in 2021. But despite its current lag, Ethereum’s potential for recovery is gaining attention. 

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Market expert Ali Martinez recently highlighted on a social media post on X (formerly Twitter) that a breakout above the crucial resistance level of $2,588 could unlock significant gains for Ethereum, projecting an additional 16.5% increase toward $3,000 if this level is surpassed.

Ethereum
The daily chart shows ETH’s price hovering below its next key resistance level, preventing a new move toward $3,000. Source: ETHUSDT on TradingView.com

Interestingly, ETH has shown stronger monthly performance compared to Bitcoin, with a 56% surge over the past month compared to Bitcoin’s 23% gains, and if the current buying pressure witnessed in the market for the second largest cryptocurrency, Martinez’s analysis could take place in the coming weeks. 

For the past weeks, Ethereum has been consolidating between the $2,400 and $2,590 range, struggling to convert the resistance at $2,588 into support. However, other market analysts are also optimistic about Ethereum’s price outlook. 

$4,000 Target If Bullish Momentum Continues

Income Sharks, another market analyst, noted in a recent post that a new support level has emerged just under $2,400. This development could set the stage for a continued upward trend.

According to Income Sharks’ analysis shared on social media site X on Wednesday, the $2,390 support level has been maintained for the past month for ETH’s price, which bodes well for potential price recoveries. 

The first target identified is $3,000, aligning with Martinez’s earlier projections. If buying pressure persists and the broader cryptocurrency market maintains its bullish momentum, there is potential for Ethereum to target the $4,000 mark. However, even with such movements, the altcoin would still be 22% below its all-time high.

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Ethereum
ETH’s next price targets. Source: Income Sharks on X

In the coming days or weeks, it remains to be seen whether these scenarios will play out for ETH or if the broader cryptocurrency market will see a new correction following Bitcoin’s recent surge to a new all-time high.

If the latter scenario plays out, the next key support levels to watch are $2,390 and the altcoin’s head-and-shoulders pattern support on the hourly chart, which Martinez highlighted in his analysis, at $2,455.

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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