Ethereum Eyes $2,750 Breakout Analysts Predict ETH to Further Gain $124 Rally

With an ascending channel on the weekly chart and a surge in short-term buying pressure, can Ethereum break through the $6,000 mark this November?
As the bull run in the cryptocurrency market continues and Bitcoin is poised to hit a new all-time high, Ethereum is showing a V-shaped recovery trend with rapid growth. Positioning itself close to the critical resistance level of $2,750, Ethereum is on the verge of a major breakout upward move.
Can the largest altcoin break through this crucial threshold and surge past $3,000? Let’s take a look.
Ethereum fights local resistance
On the daily chart, Ethereum is showing a descending channel pattern. However, the altcoin is showing a positive cycle and is gaining momentum as it prepares to challenge the overhead resistance trendline.
Ethereum’s price action is reflecting a short-term support trendline as the underlying momentum turns bullish. After the recent rebound from the local support, the price has risen 12.17% from a seven-day low of $2,379.
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Ethereum price target
Currently, Ethereum is trading at $2,668, with an intraday gain of 1.17%. The ongoing recovery has formed five consecutive bullish candlesticks and is approaching the neckline of a high volume area ranging from $2,750 to $2,875.
The upper boundary of this supply area coincides with the Fibonacci level of 38.2%, which is located at $2,870. Moreover, the overhead resistance trendline of the descending channel pattern is forming a crucial hurdle.
The increase in trend momentum results in a positive crossover of the MACD and signal lines. Moreover, the recovery has surpassed the 100-day exponential moving average and is hinting at a possible positive crossover between the 20-day and 50-day exponential moving averages. Therefore, the technical indicator triggered a buy signal for Ethereum.
A breakout upside move above the Fibonacci level of 38.2% is likely to challenge the 61.8% level, which is $3,336. Optimistically, the 100% Fibonacci level near the $4,000 psychological mark is a potential target for Ethereum. Conversely, the key support levels are located at $2,500 and $2,353.
Analyst Ali Martinez Sets Ethereum Price Target at $6,000
In support of Ethereum’s upward trend, Ali Martinez, a well-known cryptocurrency analyst, recently highlighted the emergence of an ascending channel pattern on the weekly chart in an article. This pattern is supported by a dynamic average of the 200-week exponential moving average on Ethereum.
According to this analysis, Ethereum has found support around $2,400 and could challenge the upper boundary of the channel at $6,000. It is worth noting that from Ethereum’s current level of $2,668, the asset would need to rise 1,24% to reach $6,000.
However, the mid-line near the psychological $4,000 mark remains a potential checkpoint. Therefore, as the bull run gains momentum, the chances of Ethereum reaching $4,000 clearly increase.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers should conduct comprehensive research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.