In a bullish momentum, fueled after massive whale transactions and renewed interest from investors, Ethereum has broken through several resistance and surged over 40% in just 4 days. Its price has now reclaimed back to the levels it saw in February.
The rally started on May 8, with Ethereum breaking the $1,800 range and quickly surging past $2,000 in hours. Even during the weekend, it did not take any halt and continued surging through the $2,500 range while briefly touching $2,600 in a solid buying spree.
At the time of writing, Ethereum (ETH) is trading near $2,549 with a 24 hour trading volume of $27 billion. It has surged 40.31% in the past 7 days while having gained nearly 61% in the past month.
As per CoinMarketCap data, Ethereum is still 48% away from its all-time high of $4,891—marked 3 years ago on November 16, 2021.
While noting the bullish momentum, a crypto trader and analyst Titan of Crypto, notes that Ethereum has reclaimed the 5-year trendline and the MACD–a key indicator– is also flipping bullish on the weekly chart.
What to expect this week?
Ethereum’s remarkable 40% surge over the past four days, climbing to as high as $2,600, has ignited bullish sentiment across the crypto market.
Analysing this pump, several analysts are attributing this rally to a combination of factors, including significant ETH buyings and outflows from exchanges, renewed institutional interest as well as enhanced regulatory environment for DeFi products.
From the technical perspective, the bullish engulfing pattern and a breakout above the $2,000 resistance suggest a strong momentum, with the weekly chart showing ETH flipping the $2,200-$2,300 range into a new key support.
With market sentiment leaning towards free of any major risks and following positive macro developments, analysts expect Ethereum to target $2,800 this week, provided bullish control above the $2,455 support zone.
Also read: Bitcoin at $105K Amid US-China Tariff Relief & SEC Roundtable
