Ethereum’s Wild Ride: Is $3,800 Just a Hop, Skip, and a Jump Away? 🚀

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Well, well, well! Look who decided to show up! Ethereum (ETH) has finally reclaimed the $2,600 level as support for the first time since February. It’s like that friend who always shows up late to the party but still expects to be the life of it. 🎉 Now, it’s gearing up to retest the next key resistance after breaking out of a short-term pattern. Some analysts are whispering (or shouting) that ETH’s rally could target its Macro Range high area in the coming weeks. Spoiler alert: they might be right! 😏

Ethereum: The 2024 Déjà Vu

After a dramatic struggle to break past the $2,600 mark, Ethereum has finally reclaimed this level as support. Over the past two days, the second-largest cryptocurrency by market cap has held this key level while trying to break above the $2,700 mark. It’s like watching a toddler trying to climb a slide—adorable but a little concerning. 😅

Since recovering from its sub-$2,000 dip earlier this month, ETH has been hovering between $2,400 and $2,600, failing to reclaim the upper zone despite its $2,738 multi-month high on May 10. Come on, ETH! You can do it! 💪

But wait! This week’s rally has seen the cryptocurrency rise above its local range, attempting to gain more strength to stop its sideways trajectory and continue its 50% recovery rally. It’s like watching a soap opera—full of twists and turns!

Analyst Titan of Crypto noted that ETH just broke out of a two-week bullish flag, leading to today’s surge to the $2,788 level. If the breakout is confirmed, the target is around the $3,800 level. So, grab your popcorn! 🍿

Crypto Jelle pointed out that Ethereum is “still moving as planned, pushing deeper into the resistance area” around the $2,850 mark. Several analysts have named this level as the resistance before the $3,000 mark, and the wall “standing in the way of altseason.” Sounds dramatic, right? 🎭

Rekt Capital highlighted that Ethereum has been successfully retesting a crucial horizontal level since re-entering its $2,220-$3,900 Macro Range. Notably, Ethereum has been closing above the $2,468 mark for the past four weeks, setting the stage for a “lift across the range.” It’s like a motivational speaker for cryptocurrencies! 💼

With this successful retest, the King of Altcoins is “repeating early 2024 history.” ETH recorded a 50% four-week breakout after smashing the $2,486 resistance and retesting it as support. But, “the only difference is that it has just taken longer this time,” the analyst added. Classic overachiever! 🏆

ETH Gains Momentum

Meanwhile, analyst Ted Pillows thinks ETH is showing strength as its trading pair against Bitcoin (BTC) gains momentum and BTC dominance seems to fade. It’s like watching a high school rivalry unfold—who will come out on top? 🥇

The analyst also noted ETH’s Weekly MACD bullish cross and reclaim of its multi-year support trendline. Based on this, he forecasted that Ethereum could soon soar to the $4,000 resistance. Buckle up, folks! 🚀

It’s worth noting that Ethereum is outperforming the flagship cryptocurrency this quarter for the first time since 2022, registering a 45% increase since April 1. Additionally, ETH continues to hold above its key level despite BTC’s dip below the $106,800 support. Talk about a glow-up! ✨

Merlijn The Trader highlighted ETH’s price action after its golden cross, which appears to resemble its performance from the last time the setup occurred. It’s like déjà vu but with more money involved!

According to the post, during the November 2024 setup, Ethereum saw a small dip before a “massive pump” on the eleventh day. “This time? Pump already started. We’re right on schedule,” the trader affirmed. It’s like a well-rehearsed dance number! 💃

As of this writing, Ethereum is trading at $2,642, a 44.7% increase in the monthly timeframe. Not too shabby, ETH! Keep strutting your stuff! 💃

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2025-05-30 11:12