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Ethereum (ETH) retests the critical level of resistance with a daily recovery of 3%. Cryptocurrency has been rejected by the sector since the market recovery last month, failing to continue its bullish rally. As its prices continue to trajectory horizontally, one analyst believes that a 15% transfer is coming.
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Ethereum price compresses within key levels
Ethereum has been trading between the $2,475-$2,680 price range since its breakthrough in early May, but failed to convert the upper boundary of the range into one-month support. Amid last week’s market pullback, the cryptocurrency’s three-month high fell about 11%, reaching the lower boundary of the range, bounced from the region on Monday.
At the beginning of the week, ETH retracted the $2,500 mark and continued its recovery to a $2,600 resistance. On Wednesday, the Altcoins Kings went up 3.2% per day to the local range and then went back to the $2,635 level.
Carl Ununefelt of the Moon show highlights the recent performance of cryptocurrencies, which shows that Ethereum “expresses confidence” by staying in key forms within the day-to-day time frame.
According to the chart, Ethereum has been forming an upward triangle since the May rally, with an upward line of about $2,680-$2,700. Additionally, the price of ETH has been compressing between the support line and the resistive line, which suggests that if the price breaks out, it may move out 15%.
If Altcoin retracts critical resistance levels, the symbolic symbol predicts a surge in the $3,100 level. However, if the price is rejected from that level again, analysts believe Ethereum may drop to the $2,300 support zone.
Crypto Bullet points out similar patterns on multiple ETH charts, which suggests that cryptocurrencies are about to see a 15%-20% breakthrough. According to the post, the advantage of ETH is that it “explodes” from the rising triangle pattern in the 12h chart, while the ETH/BTC and ETH/USD trading pairs are close to the upper limit of the one-month symmetric mode.
ETH is ready to take off?
Analyst Crypto Jelle asserted that once ETH retracts its main resistance zone, between $2,680-2,850, “everything will be higher.” It is worth noting that recycling in the region will put cryptocurrency above its multi-year rise support trendline, which is back trial along Q1 2025 and lays the foundation for the cycle highs.
Meanwhile, Ted Pillows noted that ETH’s performance is similar to the price action of Bitcoin (BTC) in 2020. According to analysts, Ethereum has formed four candles for four consecutive two-weeks since the bottom on April 7, which mimics BTC’s moves after its collapse in March 2020.
“The similarities between BTC 2020 and ETH 2025 are shocking,” he said. He showed that if Ethereum continues to follow BTC’s 2020-2021 trajectory in the coming months, then Ethereum could reach a new all-time high (ATH) in the coming months.
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Market observer Merlijn traders highlighted the similarity between flagship cryptocurrencies and Ethereum, adding that King AltCoins also “determines only the spring and testing phases of Wyckoff.”
According to traders, the structure of ETH “screamed one thing: jump.
As of this writing, Ethereum is trading at $2,632, an increase of 44.2% per month timeframe.
Featured images from Unsplash.com, charts from TradingView.com
