"If it holds the support line, it will go"...Ethereum resumes its rise towards $2,900

▲ Ethereum (ETH)/AI Generated Image

Ethereum (ETH) has broken through a key resistance line, signaling a shift to an uptrend, with a mid-term target price of $2,900 being suggested.

NewsBTC, a specialized virtual asset media outlet, reported, citing an analysis by market analyst Ali Martinez, that Ethereum has broken above the key resistance zone of $2,385, creating a change in its technical structure.

Martinez explained that this zone was the upper resistance line of an ascending triangle pattern formed since February. After breaking this resistance, the price level has turned into a new support line, and the market structure itself has shifted towards a bullish stance.

Notably, the TD Sequential sell signal that appeared in the previous upward phase has been invalidated by this breakout, leading to an assessment that upward potential has reopened.

Technically, the next key target is set at $2,900. However, in the short term, there is additional resistance around $2,721, indicating that a rise of at least 12% or more is needed.

For Ethereum to maintain this bullish scenario, defending the $2,385 support line has been identified as a key condition. A warning was also raised that if this level collapses again, market uncertainty could expand, and bearish sentiment could reignite.

In terms of market flow, upward momentum is also being confirmed. It has continued its short-term recovery, rising approximately 3% over the past 24 hours, and has also shown an upward trend on a monthly basis.

However, it is still significantly lower than its previous all-time high, leading to an assessment that it is too early to consider it a complete bull market transition.

Ethereum has secured the possibility of resuming an uptrend by breaking key resistance lines, but it has entered a turning point where its future direction will be determined by whether it maintains the key support line.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*