Ethereum (CRYPTO: ETH) showed renewed bullish momentum as it continued to hold a key support zone, according to Michaël van de Poppe.
In a recent update, van de Poppe noted that ETH was “hodling above the crucial level” and had begun to bounce, setting the stage for a potential breakout toward $2,100 in the coming 1–2 weeks.
The chart provided by the analyst highlighted a textbook reclaim of a previous support zone, which had briefly failed but was now being reestablished as a solid demand zone.
“A clear divergence beneath the support in April, which usually acts as a fake-out followed by a rally (bullish). Volume is beginning to tick up, and the price action is forming higher lows, which suggests that the buyers are returning. The RSI at the top of the chart also shows improvement, pointing toward growing bullish momentum,” explained van de Poppe.
The next key target identified on the chart was the $2,100–2,150 zone, which would represent a significant breakout from recent consolidation levels.
The potential for Ethereum to break out from its recent trading range and continue its upward trajectory comes as several analysts have begun to turn bullish on the cryptocurrency.
Earlier this week, Bernstein analysts predicted that major corporations would allocate a substantial sum of $330 billion to Bitcoin (CRYPTO: BTC) over the next five years.
In a note to clients, Bernstein analysts stated, "We believe that large, liquid, and fundamentally sound corporations, enticed by the potential for capital gains and diversification, will increasingly allocate a portion of their treasury reserves to Bitcoin."output
