Ethereum Set for $3,000 Surge? Period of Stagnation Expected to Conclude Soon

In the last day, Ethereum (ETH) has shown significant movement and is making efforts to establish a crucial support level. Analysts are optimistic, suggesting that a push towards the $3,000 threshold may be forthcoming if the $2,600 support holds firm.

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Ethereum Gears Up For Major Ascension

On Tuesday, Ethereum spiked to the $2,700 barrier following a 6.3% daily gain. The digital asset moved up from the $2,500 support level, reaching as high as $2,712 before making a slight correction.

After peaking at $2,738 two weeks ago, Ethereum has struggled to break through this resistance zone, putting a halt to its upward testing of higher price levels. Remarkably, the leading altcoin has appreciated over 50% within the last month and nearly 98% from the lows seen in April.

During the May crypto boom, where Bitcoin achieved an All-Time High (ATH) of $111,953, Ethereum has largely trended sideways throughout the month, stabilizing between $2,450 and $2,600.

Despite this, Ethereum has outshone Bitcoin in the second quarter, experiencing a 47.78% hike since April’s onset.

An analyst known as The Cryptonomist indicated that Ethereum’s rise above the $2,600 threshold hints that reclaiming this level may signal an end to its stagnant movement, potentially driving prices towards $3,400.

In a similar vein, Crypto Bullet remarked that Ethereum is on the verge of breaking out to address the significant CME Gap. The recent chart suggests that the altcoin has been forming a symmetrical triangle and is nearing a critical breakout.

A successful breakout and subsequent retest around the $2,700 level could lead Ethereum towards filling the CME Gap, estimated between $2,900 and $3,350, a target other experts anticipate being reached soon.

Is ETH Dominance Set to Rise This June?

In the meantime, the analyst Rekt Capital has noted that Ethereum’s market dominance is beginning to hold around the 9% mark as support, hinting at a possible bullish outlook for June.

According to the analyst, after bouncing back from record lows last month, Ethereum’s dominance is showing signs of revival, echoing trends from September 2019.

Maintaining this support level may enhance Ethereum’s market prominence in the coming month, mirroring historic patterns from 2019.

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Market analyst Merlijn The Trader confirmed that Ethereum’s current chart demonstrates a strong bullish sentiment, showcasing a stable multi-year base coupled with a clear bullish pennant. The trader believes this formation could propel the asset towards a long-term aim of $8,000 after surpassing the $3,000 mark.

Additionally, according to Merlijn, Ethereum is gearing up for the final upward movement of its cycle, corroborated by past performance patterns indicating that the asset traditionally accelerates after surpassing previous highs.

At present, Ethereum is priced at $2,686, reflecting an 8.8% increase over the past week.

Featured Image from Unsplash.com, Chart from TradingView.com