Breaks major resistance and hits new all-time high.

Ethereum (ETH) is currently at the forefront of an impending market surge, as evidenced by a significant technical breakthrough. According to cryptocurrency analyst Jelle, Ethereum recently emerged from a bearish pattern, breaking out of a descending wedge and turning key resistance into support areas.

gel Open to the public With Ethereum currently heading towards $4,000, it looks more likely that it will reach new peaks. This move represents a significant reversal compared to previous trends and sets the stage for potentially record price levels.

Related Reading

Bullish Shift: Explaining Ethereum Breakout from Falling Wedge

Jelle’s latest observations come during a period of strong performance for Ethereum, with the cryptocurrency seeing a 30% increase in value in the past week alone.

Ethereum has risen another 2.5% in just 24 hours to $3,951 at the time of writing. This notable upward trend highlights the growing investor confidence and market momentum that could push Ethereum’s value to new records.

Falling wedge patterns, especially in technical analysis, are often a signal that precedes a bullish market reversal. Characterized by converging trend lines meeting on a downward slope, this pattern typically ends with a breakout of an uptrend as buying pressure overcomes selling momentum.

$ETH Breaking away from the falling wedge, it has turned a key area into support and is now pushing $4,000.

Here are the new highs and new all-time highs.

higher. pic.twitter.com/pjrk8X2FYA

— Jelle (@CryptoJelleNL) May 27, 2024

Ethereum’s recent break from this pattern signals a potential reversal of the previous downtrend and turns previous resistance levels into new support levels, creating an underlying bullish sentiment.

These technical advances are very important as they represent a shift from bearish to bullish sentiment and suggest that Ethereum may recover from its previous lows and begin a sustained upward trajectory.

Analysts like Jelle see this as a harbinger of more aggressive buying behavior, potentially pushing the asset to unprecedented price levels.

Broader market sentiment and forecasts

The positive outlook for Ethereum is not isolated. Notable Crypto Analyst Defi Mochi predict The ETH price could soar between $9,500 and $12,000.

According to Mochi, this forecast is based on a combination of factors, including growing political support for cryptocurrencies and the fact that Bitcoin has yet to regain its all-time highs.

With that said, my realistic goal is $ETH It is approximately 95 to 12 million won.

given
◆ Increasing political support for cryptocurrency
◆$BTC is almost at its previous ATH.
◆ Increased adoption $ETH By institution

I don’t think any of us are optimistic enough about Ultrasound Money.

— Defi_Mochi (@defi_mochi) May 26, 2024

The adoption of Ethereum by institutional investors is also an important factor in the forecast. As more institutions integrate ETH into their portfolios, market dynamics are expected to further stabilize, attracting more investment flows.

Related Reading

Arthur, founder of DeFiance Capital, echoes this optimistic sentiment, predicting that Ethereum could soon reach $4,500.

Featured image created with DALL·E, TradingView chart