A market analyst has predicted that Ethereum’s price could spike to the range of $3,100 to $3,600 if the cryptocurrency is able to decisively break through the key resistance level of $2,150. They believe surmounting this price point could mark the end of the ongoing cryptocurrency bear market that has persisted throughout 2023.
The analyst draws a comparison between Ethereum’s resistance at $2,150 and the major resistance Bitcoin previously faced at $30,000 earlier this year. Breaking above $30,000 allowed Bitcoin to rally significantly, and the analyst believes Ethereum could experience a similar bullish move if it can exceed the $2,150 threshold.
In recent trading, Ethereum reached highs of $2,136 last week before retreating over the weekend back to around $2,020. However, Ethereum saw a bounce on Monday back to the $2,120 level as buyers returned to the market.
The potential approval of a spot Bitcoin ETF is cited as a possible catalyst that could propel Ethereum’s past resistance in the near future. While the SEC window for approval closes on November 17, many experts think an ETF could still get the green light in early 2024.
On a technical level, the analyst highlights an ascending triangle pattern that appears to be forming on Ethereum’s price chart. Ascending triangles typically precede major bullish breakouts in technical analysis, lending further credibility to the possibility of Ethereum staging a breakout above $2,150.
Overall, the analyst sees substantial upside potential for Ethereum, with price targets around 44% to 67% above current levels if key resistance is overcome. However, Ethereum faces uncertainty and volatility until it can decisively crack the $2,150 barrier.
