Ethereum Surges 3.31% to $3,045.91, Breaking Key Resistance

Ethereum's price surged to $3,045.91, marking a 3.31% increase and a 24-hour volume spike of 84.94% to $29.35 billion. This surge propelled Ethereum through a key resistance level at $2,860, with technical analysis suggesting a target range between $3,200 and $3,500. The market capitalization of Ethereum reached a new high of $367.68 billion, equaling its fully diluted valuation. This rapid price movement follows a month of incremental gains, indicating growing optimism in Ethereum's price action. Technical charts show that Ethereum has broken through important resistance levels, supported by volume and momentum indicators, which is likely to attract greater market attention.

Visual analysis of the July 14 chart reveals a clear upside continuation pattern on Ethereum’s daily chart. After forming a rounded bottom in June, Ethereum began pushing higher, eventually breaking out from the $2,860 resistance level. The breakout is confirmed by strong candle body closings above the resistance area, indicating bullish intent. The anticipated continuation toward the $3,200–$3,500 zone aligns with the pattern’s measured move based on the breakout structure. This breakout follows a prolonged accumulation phase characterized by low volatility, now transitioning to more directional price action.

Bitcoin's price, currently at $122,419.74, marks a 2.76% daily gain. Bitcoin's upward trend mirrors Ethereum's path, with both assets fluctuating together due to larger market effects and inflows. Bitcoin has continued its rally following a parabolic run that started in mid-January, stabilizing around the $71,300 mark. The synchronized movement in volume and market capitalization highlights growing confidence among market participants, suggesting that institutional or large-scale participants may be entering positions. The mirrored structure in Ethereum’s chart signals shared momentum, particularly as ETH now trails closely behind BTC in daily performance. Both charts exhibit comparable breakout events with steady bullish trends, indicating joint bullish action in main digital assets. The next task for Ethereum is to breach the $3,200 resistance line, upon confirmation, the higher range of the $3,500 zone will be prioritized.