ETH Market Update: Ethereum Price Breaks $3,100 Barrier, Technical Indicators Point to Potential Rally

Ethereum Jumps 6% to Break $3,100—Indicators Signal Possible 5× Rally

In a remarkable turn of events, the second-largest digital asset, Ethereum, has surged by more than 6% in just 24 hours, breaking through the psychological barrier of $3,100 for the first time since February. This meteoric rise is not without precedent, as several technical patterns and market indicators are now signaling a possible fivefold surge in the near future.

The price action has been buoyed by the emergence of strong technical formations, specifically the cup-and-handle pattern that began to take shape back in March. As the neckline at $2,850 was breached, it set off a wave of optimism among traders and investors alike. With this development, Ethereum’s potential upside is estimated to be around 45%, which could potentially propel the asset towards the $4,200 range.

Furthermore, the drop in exchange reserves has revealed a stark shift in market dynamics. The reduced pressure on sellers can only mean one thing: accumulation mode has kicked into high gear. This phenomenon has been observed and analyzed by industry experts who are now confident in their predictions of a prolonged uptrend.

Source: www.crypto-news-flash.com