After a turbulent period, buyers succeeded in pushing the price of Ethereum above the $2600 barrier to reach a critical resistance area, indicating a return of confidence to the market and the possibility of continued upward movement. However, some analysts expect a correction before any significant breakout.
Famous analyst "Jelle" said: "If ETH returns above $3000, the real fun will begin." The $3000 level is an important psychological and technical barrier, and surpassing it may lead to a significant increase in overall market momentum.
Ethereum is now leading the cryptocurrency market towards a new bullish phase, having started to regain support and confidence since bouncing at $2600. This movement lays the groundwork for what many observers believe could be the beginning of a strong altcoin season.
But it is essential for the ETH price to rebound and maintain stability above $3000 for this scenario to materialize. This level has often preceded strong market rallies. Analyst "Jelle" believes that surpassing this barrier will open the door for a strong movement that could quickly push the price towards $3400 and beyond.
Although Ethereum appears strong in terms of performance, it currently faces critical resistances. If buyers succeed in surpassing $3000 with a clear daily close and high trading volume, this could pave the way for a new upward phase for the crypto market as a whole.
In the daily chart, ETH is currently settling at $2634, just below the 200-day moving average (SMA) at $2699.60. After the sharp rise in May, the price is trading sideways, with buyers defending the support area between $2500 and $2600, while trying to break through $2700.
Technical indicators show bullish momentum in the short to medium term, as the price remains above the 34, 50, and 100-day moving averages.
Currently, stable trading volumes suggest that buyers and sellers have not yet shown full commitment. The next upward catalyst may be a clear daily breakout above the 200-day moving average accompanied by an increase in trading volume, which could drive ETH towards $3000 and beyond.
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