Ethereum (ETH) closed the week at its highest level in almost two years

Ethereum broke through long-term resistance

The weekly timeframe shows that the price of ETH has risen significantly over the past two weeks, forming a particularly prominent weekly bullish candle last week.

This allowed Ethereum to break through the long-term horizontal area that has alternated between support and resistance since April 2021 and close the week above it. ETH hit a high of $3,032 today, its highest level since April 2022.

Source: TradingView

Weekly Relative Strength Index (RSI) supports continued upward movement. The indicator rose above 70, indicating a strengthening bullish trend.

What analysts say

Cryptocurrency traders and analysts on Platform X are positive about the prospects for Ethereum.

Thus, MacnBTC noted that there is practically no significant resistance above the $3,050 barrier:

ETH/USDT weekly chart. Source: X

CryptoMichNL believes that a turn towards the Ethereum ecosystem is now taking place:

“Near-term game plan: Survive a potential #Bitcoin correction as Bitcoin is at the end of its run and likely to consolidate. Expand as much as possible towards the #Ethereum ecosystem. Walk for 1-2 months and then wait in cash until the correction is over.”

Eliz883 highlights the $3,100 level as a key level, a break above which could trigger a significant upward move, while InmortalCrypto suggests ETH will outperform SOL in the near future.

ETH forecast: what will happen next after $3,000

Elliott wave analysis on the weekly timeframe suggests that growth will continue. The most likely wave scenario suggests that the ETH price is in the third wave of a five-wave upward movement. The sub-wave calculation is highlighted in black and indicates that the price is in the last sub-wave.

A bullish breakout from an ascending parallel channel supports the likelihood that this wave analysis is correct.

If the breakout develops, Ethereum could rise another 16% and reach the 0.618 Fibonacci retracement level at $3,400.

Source: TradingView

Despite the bullish outlook, ETH's failure to close above the 0.5 Fib retracement resistance level at $2,920 could trigger a 10% drop to channel resistance at $2,630.

YouTube channel

Top crypto platforms | February 2024

Bitget Go →
Bybit Go →
Kucoin Go →
OKX Go →
View more


According to Trust Project rules , this analytical article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto's policy is to provide quality and truthful information, however market conditions remain unpredictable. BeInCrypto encourages readers to independently verify information and consult with a professional before making any financial decisions based on this content. Please also note that our Terms and Conditions , Privacy Policy and Disclaimers have been updated.