The crypto market is keenly watching Ethereum as it is poised for a rally following Bitcoin's recent surge. Investors are optimistic that Ethereum will mirror Bitcoin's performance, despite fears of ETH underperforming this cycle.
Recent price movements indicate strength in Ethereum, trading within a bullish pattern. Breaking this pattern could result in a significant rise. Analysts like Carl Runefelt highlight an ascending triangle on Ethereum's chart, indicating a potential surge to $2,870 if resistance is broken.
Ethereum currently trades around $2,624, having recently increased by 10%. However, it faces resistance at the 200-day exponential moving average of $2,800. A breakthrough here would align its gains with Bitcoin's, but failing to surmount this will keep ETH in a consolidation phase.
Investors are vigilant, understanding that a confirmed breakout could pave the way for Ethereum to erase its price uncertainty, as the broader market remains volatile. Breaking key resistance levels and holding gains are pivotal for Ethereum's near-term trajectory.
