Ethereum’s price has skyrocketed past $2,200 recently, fueled by a frenzy of accumulation between $1,900-$2,100. Over 43 million ETH were purchased by nearly 6 million addresses within this price range in recent weeks. Analysts believe this intense period of buying will turn the $1,900-$2,100 zone into a solid support floor for Ethereum going forward.
The powerful rally has already pushed Ethereum well past the $2,150 price level needed to confirm the crypto bull market is back in full force. With prices now consolidating above $2,190 and positive sentiment surging, analysts predict Ethereum will next target key resistance levels at $2,600 and then $3,000.
Driving extra optimism around Ethereum is the parabolic 236% price surge of “Ethereum killer” Solana over the last three months. Solana’s breakout may ignite similar investor euphoria around Ethereum. itcoin">Bitcoin also recently crossed the critical $40,000 barrier, adding 11% in a week. Some think itcoin">Bitcoin’s rise relates to anticipation of a spot BTC ETF approval in the US.
In any case, the renewed bullish exuberance appears to be spilling over and benefiting the broader crypto market. With Ethereum trending up after its decisive move past $2,000, breaking above $2,600 would signal the next crypto bull market is underway. Breaching $3,000 would confirm the breakout as Ethereum aims to top its all-time high of around $4,850. For crypto investors, this week could mark a turning point back into a rising market.
