Ethereum’s price jumped to $1,760, hinting at a potential surge if it breaks resistance at $2,150. Two bullish patterns on the daily chart have emerged, suggesting a similar price doubling as seen previously. Despite facing competition, Ethereum remains a strong player in the crypto market with substantial transaction volumes and competitive staking rewards.
Ethereum is making waves again after a significant dip earlier in April. The price surged to $1,760 on Friday, marking its highest point since April 6, and it’s nearly $305 above the low point seen this month. It’s clear thatEthereum is forming two key patterns, which could lead to a bigger leap if it breaks through the resistance at $2,150.
A noted crypto analyst has poured over Ethereum’s daily chart and spotted a falling wedge along with a bullish pattern. He pointed out that the last time this happened, Ether doubled its value in just a few weeks. Observing the daily chart reveals a descending channel that has formed over several months, where the upper boundary ties together the highest swings from mid-December, while the lower boundary captures the lower lows since December 20.
This correspondence with a falling wedge, which is identified by two descending, converging trendlines, is particularly telling. Ether has recently climbed beyond the upper side of this channel, potentially indicating it could be gearing up for a recovery in the coming weeks. Adding to this optimism, indicators like the Relative Strength Index (RSI) show a bullish divergence as it climbs above a descending trendline established since early December.
Moreover, the Awesome Oscillator is forming a bullish divergence and is nearing a crossing of the zero line. Other oscillators, including MACD and Stochastic, are also showing promising divergence patterns. So, although risks abound, Ethereum might very well initiate a strong comeback soon if it maintains this momentum. The pivotal number to watch is $2,150, an important reference point from August and September. If it surpasses that, we’re looking at potential gains aiming for $3,500, adding up to a 100% increase from current pricing.
Despite facing several hurdles this year, including competition from layer-1 and layer-2 chains, Ethereum remains robust. Its DEX networks processed over $57 billion in transactions in the past 30 days, only trailing behind Solana. Importantly, Ethereum leads in terms of total value locked (TVL). Furthermore, staking rewards data suggests a 3.4% yield, outstripping that of various other chains, including BNB and SUI. This upswing could continue, especially if Bitcoin manages to push past the $100,000 threshold and inch closer to its all-time high.
