Ethereum

Rally

Solana

Resistance

Chainlink

<p>Ethereum’s native token ETH has seen a strong start to December, surging to a new yearly high around $2183 over the weekend. This marks a notable breakout after a prolonged period of rangebound price action between $1200-$1400 throughout the end of 2022.</p> 
<p>What’s driving this renewed momentum? <a href="https://x.com/ali_charts/status/1731399703479058747?s=20" target="_blank" rel="nofollow">According</a> to prominent crypto analyst Ali, the key support level of $1900-$2100 is likely acting as a price floor. Data shows nearly 44 million ETH were acquired in this range across 5.85 million wallets. As such, Ali suggests Ethereum’s surge above $2000 makes it a<em> “prime buying moment”</em> with the potential for the $1900-$2100 zone to now provide multi-year support.</p> 
<p>Ali <a href="https://x.com/ali_charts/status/1731303576394142074?s=20" target="_blank" rel="nofollow">sees</a> even more upside potential if Ethereum can sustain its breakout on a weekly timeframe. Specifically, he notes <em>“If $ETH secures a sustained weekly candlestick close above $2,150, the path might be set for an exciting uptrend.” </em>In terms of price targets, Ali suggests Ethereum could start <em>“marching towards $2,600, and possibly even soaring to $3,500!”</em></p> 
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<p>This underscores the significance of Ethereum’s recent move if it manages weekly closes above $2150. Not only would this confirm the breakout, but open the door for a rally back towards its 2022 high of $2800. And with momentum firmly shifting positive, Ali believes further gains towards $3500 cannot be ruled out if ETH triggers sustains this higher pricing level in the weeks ahead.</p> 
<p>Fellow analyst Bluntz <a href="https://x.com/Bluntz_Capital/status/1731418107481403587?s=20" target="_blank" rel="nofollow">echoed</a> this bullish sentiment, noting Ethereum looks poised to <em>“finally get a strong weekly close above a 530+ day range.”</em> Bluntz sees similarities with how other cryptos like Chainlink have staged upside breakouts after long periods of consolidation.</p> 
<p>Checking the daily RSI of 55, this shows Ethereum has room to run before hitting overbought territory. As a momentum oscillator, RSI below 70 is generally seen as having space for further gains without being at extreme risk of mean reversion.</p> 
<p>Read also:</p> 
<ul> 
 <li><a href="https://captainaltcoin.com/chainlink-whales-accumulating-for-a-rally-as-link-turns-bearish-across-timeframes/" target="_blank" rel="noreferrer noopener">Chainlink Whales Accumulate for a Rally as LINK Turns Bearish Across All Timeframes: Here’s the Next Price Target</a></li> 
 <li><a href="https://captainaltcoin.com/solana-analyst-remains-bullish-despite-concerning-on-chain-metrics-as-sol-bears-aim-to-break-this-crucial-resistance/" target="_blank" rel="noreferrer noopener">Solana Analyst Remains Bullish Despite Concerning On-Chain Metrics, as SOL Bears Aim to Breakdown This Crucial Resistance</a></li> 
 <li><a href="https://captainaltcoin.com/why-is-alchemix-alcx-pumping-analysts-confirm-price-still-has-up-to-100-room-to-run/" target="_blank" rel="noreferrer noopener">Why Is Alchemix (ALCX) Pumping? Analysts Confirm Price Still Has up to +100% Room to Run</a></li> 
</ul> 
<p>Analysts are growing increasingly bullish on Ethereum as it shows follow-through after breaking key resistance. The network effects remain strong with nearly 6 million wallets having bought between $1900-$2100. All eyes will be on whether Ethereum can maintain this breakout and set the stage for an assault on 2022 highs around $3500.</p> 
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<p>The post <a href="https://captainaltcoin.com/ethereum-eth-flexes-its-muscles-what-the-recent-rally-means-for-traders/">Ethereum (ETH) Flexes Its Muscles: What the Recent Rally Means for Traders</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Ethereum (ETH) Flexes Its Muscles: What the Recent Rally Means for Traders

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