Here is the rewritten content:
Ethereum Reclaims $3,900, Analysts Eye $10,000 Target
Ethereum, the second-largest cryptocurrency by market capitalization, has recorded a 10% surge in the past week, moving from the $3,500 mark to the $3,900 resistance.
Ethereum Reclaims $3,900
Ethereum has recorded a 10% surge in the past week, moving from the $3,500 mark to the $3,900 resistance. On Wednesday, the King of Altcoins surpassed the $3,800 level for the first time in six months and continued climbing to retest the $3,900 resistance, not seen since early March.
In the early hours of Thursday, ETH turned this key zone into support, briefly dipping to $3,860 before jumping back to the recently reclaimed level. As the cryptocurrency nears its yearly high of $4,093, sentiment around the token’s short-term performance has turned extremely bullish.
Ethereum’s Setup Resembles Bitcoin’s 2020-2021 Chart
Ethereum is retesting a massive multi-year resistance zone, which could send ETH to a new ATH. According to analyst Alex Clay, the cryptocurrency attempts to break “through the Key Resistance Zone on the weekly timeframe.”
ETH has rested the key zone five times since 2021, facing rejection from the upper resistance at $3,950 on four occasions before. However, Ethereum broke past this level in late 2021, when it hit its all-time high (ATH) and held above it for nearly three months.
The analyst noted that if the King of Altcoins successfully breaks above this level and turns it into support, it will be the next “to break through” and smash its ATH. Clay added that he sees “no major pullback in the near time.”
ETH To Rally Toward $10,000?
Jelle also noted that Ethereum’s current setup mimicked Bitcoin’s in July 2020. Per the chart, Bitcoin broke through a multi-year downtrend line by mid-2020, followed by a massive 500% 10-month rally toward the $60,000 mark in April 2021.
The analyst noted that ETH breached the multi-year trendline today, like BTC in 2020, which could trigger a similar rally toward new highs in the next few months. He added that investors are “in for a treat if this plays out anything similar.”
Conclusion
Ethereum’s recent surge has sparked optimism about its short-term performance, with some analysts eyeing a potential rally toward $10,000. The cryptocurrency’s setup resembles Bitcoin’s 2020-2021 chart, which could trigger a similar rally toward new highs. However, it is essential to note that the cryptocurrency market is highly volatile, and any predictions should be taken with a grain of salt.
FAQs
Q: What is the current price of Ethereum?
A: As of this writing, ETH is trading at $3,905, a 2.4% increase in the daily timeframe.
Q: What is the potential target for Ethereum’s rally?
A: According to analyst Jelle, a 150-200% rally toward the $10,000-$12,000 price range for the cryptocurrency is possible for this cycle.
Q: What is the significance of Ethereum’s setup resembling Bitcoin’s 2020-2021 chart?
A: The setup suggests that Ethereum could trigger a similar rally toward new highs in the next few months, similar to Bitcoin’s 500% 10-month rally in 2020-2021.
Q: What is the current sentiment around Ethereum’s short-term performance?
A: Sentiment around the token’s short-term performance has turned extremely bullish, with many analysts eyeing a potential rally toward $10,000.
