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Following a notable performance over the past 24 hours, Ethereum (ETH) is attempting to reclaim a key level as support. Some analysts suggest a breakout toward the $3,000 mark could be coming if the $2,600 mark holds.
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Ethereum Prepares For Massive Breakout
On Tuesday, Ethereum surged to the $2,700 resistance after a 6.3% price jump in the daily timeframe. The cryptocurrency climbed from the $2,500 support zone toward the recent resistance level, hitting the $2,712 mark before retracing.
ETH has been unable to cross this zone after recording its three-month high of $2,738 two weeks ago, halting its retest of higher horizontal levels. Notably, the King of Altcoins has surged over 50% in the past month and around 98% from April’s lows.
Amid the May crypto market rally, which saw Bitcoin hit a new All-Time High (ATH) of $111,953 last week, Ethereum has traded sideways for most of the month, hovering between the $2,450-$2,600 price range.
Nonetheless, ETH has outperformed Bitcoin so far during the second quarter, registering a 47.78% increase since April started.
Analyst The Cryptonomist pointed out that Ethereum has broken above the $2,600 level, signaling that a reclaim of this level could conclude ETH’s sideways action between its current price range and propel its price toward the $3,400 mark.
Similarly, Crypto Bullet affirmed that ETH is “about to break out and fill the big CME Gap.” According to the chart, the Altcoin appears to be forming a symmetrical triangle over the past few weeks, and is currently attempting to break out from the formation.
A successful breakout and retest of the $2,700 level could send ETH’s price to the CME GAP levels, between $2,900 and $3,350, which other analysts also believe will be filled soon.
ETH Dominance To Surge In June?
Meanwhile, analyst Rekt Capital noted that Ethereum Dominance is “showcasing initial signs of trying to hold the ~9% level as support,” suggesting a potential bullish performance in June.
As the analyst explained, ETH dominance has bounced since dropping to new All-Time Lows (ATL) last month, playing out “the full extent of its September 2019 upside.”
Keeping this level as support could propel the cryptocurrency to a more market-dominant performance next month, resembling its 2019 playbook.
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Market watcher Merlijn The Trader affirmed that Ethereum’s chart “is screaming bullish,” showing a multi-year base and “clean” bullish pennant pattern. To the trader, this setup could launch the cryptocurrency to a long-term target of $8,000 after breaking above the $3,000 mark.
Additionally, ETH is preparing for the cycle’s “final pump,” according to Merlijn, based on its previous performances. He pointed out that Ethereum “goes vertical” after breaking its previous high every cycle.
As of this writing, Ethereum trades at $2,686, an 8.8% increase in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
