Ethereum Surges 22% Breaching $3,040 Mark

Ethereum (ETH-USD) experienced a significant surge, breaching the $3,040 mark on Monday. This upward movement not only reinforced its breakout from the $2,400-2,800 range but also signaled the commencement of a new bullish phase. The price reclaiming the critical $2,970-3,000 resistance zone, which had previously hindered multiple upside attempts over the past quarter, underscores the strength of this bullish trend.

The weekly Fibonacci retracement, calculated from the $4,106 peak to the $1,385 low, indicates that Ethereum's price is currently testing the crucial 0.618 retracement level at $3,061. This level is significant as it often serves as a key support or resistance point in technical analysis, suggesting that Ethereum may continue its upward trajectory if it successfully breaks through this level.

Analysts have been closely monitoring Ethereum's chart from an Elliott Wave perspective, focusing on the monthly timeframe. This analysis provides insights into potential future price movements based on historical price patterns and market cycles. The strong bullish trend observed on the 1-hour chart further supports the notion of continued upward momentum, although analysts caution against complacency, as even strong markets can experience pullbacks.

The recent price action in Ethereum highlights the cryptocurrency's resilience and potential for further gains. As the market continues to evolve, investors and traders will be closely watching these key levels and technical indicators to gauge the direction of Ethereum's price in the coming weeks and months.