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.
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