Ethereum Following Early 2024 Strategy – Is a $3,800 Goal Ahead?

This week, Ethereum (ETH) has successfully established the $2,600 threshold as support for the first time since February, advancing towards the next crucial resistance level after a short-term breakout. Some market observers speculate that ETH’s surge might approach its Macro Range high in the forthcoming weeks.

Ethereum Mimics 2024 Trends

After facing challenges in surpassing the $2,600 level, Ethereum has once again solidified this point as a support barrier. In the last two days, the second-largest cryptocurrency by market cap has maintained this vital level while trying to cross the $2,700 threshold.

Following its recovery from a dip below $2,000 earlier this month, ETH hovered in the $2,400 to $2,600 range, struggling to reclaim the upper end of this spectrum despite reaching a multi-month peak of $2,738 on May 10.

Nonetheless, this week’s surge has propelled the cryptocurrency above its localized range, making efforts to gain further momentum to break away from its sideways movement and continue its 50% recovery trajectory.

Analyst Titan of Crypto mentioned that ETH just exited a two-week bullish flag, resulting in today’s upward movement reaching $2,788. He indicated that if this breakout is validated, the target for this pattern could be around $3,800.

Crypto Jelle remarked that Ethereum continues to “progress as anticipated, pushing deeper into the resistance zone” near $2,850. A number of analysts have identified this as the resistance level before the $3,000 mark, indicating a barrier “blocking the path to altseason.”

Rekt Capital emphasized that Ethereum has been consistently testing a significant horizontal level since re-entering its $2,220-$3,900 Macro Range. Importantly, Ethereum has remained above the $2,468 mark for the past month, preparing for potential upward momentum across this range.

With this successful retest, the leading altcoin is “mirroring early 2024 developments.” Specifically, ETH saw a 50% increase over four weeks following its breakthrough of $2,486 and subsequent retest as support. The analyst pointed out that the only distinction this time is the prolonged duration it has taken.

ETH Gains Traction

Meanwhile, analyst Ted Pillows observes that ETH is exhibiting strength as its pairing with Bitcoin (BTC) gains momentum, while BTC’s dominance appears to be waning.

The analyst also highlighted ETH’s Weekly MACD bullish cross alongside reclaiming its multi-year support trendline. Given these signs, he predicts a potential surge for Ethereum towards the $4,000 resistance level.

It’s significant that Ethereum is leading the performance compared to Bitcoin this quarter for the first time since 2022, marking a 45% increase since April 1. Moreover, ETH remains above its crucial support level, even while BTC dipped beneath the $106,800 mark.

Additional Insights

Merlijn The Trader pointed out ETH’s price movements following its golden cross, which appears to echo its trend from the previous occurrence.

As highlighted, during the setup in November 2024, Ethereum experienced a slight decline prior to a significant increase on the eleventh day. “This time? The rally has already begun. We’re right on track,” the trader confirmed.

Currently, Ethereum is trading at $2,642, reflecting a 44.7% increase over the monthly period.