Ethereum (ETH) Shows Early Signs of an Upward Movement as It Draws Close to Key Resistance Levels

Given the growing bullish momentum across the general crypto market, Ethereum is showing early signs of an upward movement as it draws close to key resistance levels.

Crypto analyst Ali Martinez has highlighted an impending upswing for Ethereum as it approaches a crucial technical level that could ignite the next major rally.

While the altcoin is showing early signs of an upward movement following the growing bullish momentum across the general crypto market, it has yet to muster enough strength for its next rally.

However, this could change as the ETH price trades close to the key resistance levels.

According to the expert’s analysis, this crucial zone, varying from the $2,550 to $2,588 range, has acted as a turning point for upside movements in the past.

This zone may either signal the start of a new consolidation cycle or confirm the strength of the current rally.

“Still no chart pattern on lower timeframes to suggest that the uptrend is losing strength. A crucial zone to watch on the 1W chart as it has acted as support and Fib 0.382 on previous bear market trends.”

Looking at the 1-hour chart, the anticipated upward move is further supported by a crucial Head and Shoulders formation, a technical pattern that mainly sparks notable price growth.

With ETH breaking the resistance trend line of the pattern, Martinez is confident that the altcoin will hit the $3,000 range in the coming days.

“ETH breaking the neckline of the H&S pattern on the 1HR chart. Expect to see a move towards the $3,000 zone as we discussed.”

Even though Ethereum is poised to rally, it appears the move will not be an easy ride for ETH, as several price levels have been observed acting as strong barriers against upside attempts.

These barriers identified by Martinez include $2,668, $2,711, $2,774, and $2,827 at the Fibonacci levels of 1.272, 1.414, 1.618, and 1.786, respectively.

Ali Martinez’s prediction aligns with that of Michael Van De Poppe, a crypto analyst and founder of the MN Fund, who has previously forecasted a move to $3,000.

According to Van De Poppe, with current momentum, ETH might hit this level very soon.

After analyzing ETH’s price action in the 6-hour time frame, the expert has highlighted the $2,410 range as a critical area that the altcoin must hold to lay the groundwork for its push to $3,000.

“Still no chart pattern on lower timeframes to suggest that the uptrend is losing strength. A crucial zone to watch on the 1W chart as it has acted as support and Fib 0.382 on previous bear market trends.”

In a larger time frame, particularly ETH’s 2-week chart, market expert Trader Tardigrade has revealed the formation of a massive Symmetrical Triangle pattern.

A symmetrical triangle is a technical formation that precedes a notable uptrend or downtrend after a period of consolidation.

Presently, the altcoin is inching closer to the upper line of the triangle pattern at the $3,700 and $3,800 price range once again, indicating growing momentum.

In the event of a breakout, Trader Tardigrade predicts a substantial surge to the $21,000 milestone.

“We're nearing the apex of the triangle, which could lead to a massive breakout. If it breaks out above the triangle, we're looking at a move to the 21k range.”