Ethereum Surges 6.7% Reclaiming $2,800 Level

Ethereum (ETH) has recently shown signs of a significant price recovery, reclaiming the $2,800 level for the first time since February. This move has sparked optimism among analysts, who suggest that the cryptocurrency could be on the verge of another substantial surge. Ethereum had been trading within a range of $2,475 to $2,680 since its May breakout, struggling to establish the upper boundary of this range as support. However, during last week’s retracement, ETH dropped to the $2,400 support level before bouncing back over the weekend. The broader crypto market’s recovery propelled Ethereum toward the key resistance level, ultimately breaking past it at the start of the week and hitting a three-month high of $2,879.

Analyst Carl Runefelt from The Moon Show noted that Ethereum has broken out of an ascending triangle formation, targeting the $3,100 resistance level. This pattern began forming at the start of last month’s recovery rally, with the price compressing between support and resistance lines, the latter situated around the $2,700 mark. Runefelt forecasted a 15% surge toward the $3,100 level if the altcoin reclaimed the crucial resistance level. Based on this analysis, Ethereum could climb another 10.7% if it holds its current range. Additionally, Runefelt pointed out another bullish formation in ETH’s trading pair against Bitcoin (BTC). According to the ETH/BTC chart, Ethereum formed a bullish pennant pattern during the May rally. Amid this week’s recovery, the cryptocurrency has broken out of the formation’s upper boundary, eyeing a 30% surge toward the 0.03300 mark.

Market Watcher Kaleo highlighted the similarities between ETH’s performance in 2020 and its current trajectory. In the Spring of 2020, Ethereum experienced a major sell-off due to the COVID-19 crash, which sent its price below a key higher timeframe (HFT) support. However, once the ascending trendline was reclaimed as support, ETH was “up only for the next 20 months.” Kaleo detailed the recent sell-off, caused by the Trump Tariffs scare, which sent the altcoin below its multi-year ascending support trendline. He added that “ETH is currently on the verge of reclaiming that line.” If history repeats, investors could see “another great ETH bull run and accompanying alt season.”

Analyst DonAlt affirmed that ETH’s chart looks “pretty good” amid its HTF range reclaim. To him, a new all-time high (ATH) is likely if the $3,800 resistance is reclaimed, while the rally’s invalidation level is a close below the $2,200 mark. As of the latest update, ETH trades at $2,803, reflecting a 6.7% increase in the daily timeframe. This recovery has led some analysts to suggest that Ethereum is poised for a massive run, with the potential for significant gains ahead.