According to Finbold, Ethereum (ETH) has recently experienced a significant price surge, which experts suggest could mark the beginning of a new bull market. This development follows Ethereum's breakout from a prolonged consolidation phase, indicating strong bullish sentiment as the cryptocurrency approaches key resistance levels and the potential for a new all-time high.
Prominent cryptocurrency analyst Alan Santana has pointed out that Ethereum's price rebound is largely supported by the 200-day moving average (MA200), a crucial long-term support level. This moving average has consistently held firm, including in November 2022, October 2023, and more recently, late 2024. Following a retest in August this year, Ethereum successfully consolidated above the MA200, leading to its strongest weekly gains since April 2021. Santana emphasized that the current weekly candle, backed by the highest trading volume since November 2022, confirms a robust bullish breakout.
Ethereum faces immediate resistance at $3,342, followed by $4,011, and a significant hurdle at its previous all-time high of around $5,800. Beyond these levels, projected targets include $7,322 and $7,871, based on the extension of the previous bull-market cycle. Unlike earlier cycles, where cryptocurrency faced skepticism and opposition from governments and traditional finance, the current market benefits from widespread legal acceptance and global support, paving the way for unprecedented growth.
Adding to the optimism, crypto trading expert Rekt Capital notes that Ethereum is currently breaking out of its short-term bull flag, indicating strong bullish momentum. If this breakout holds, ETH could revisit the $3,700 resistance level, marking a crucial step in its upward trajectory. This move reflects growing optimism in the market as Ethereum continues to build on its recent gains and targets higher levels.
At the time of reporting, Ethereum is trading at $3,300, marking a 1.5% drop in the last 24 hours but maintaining a strong 8% gain over the past week. Institutional players and large investors, known as whales, are driving market optimism, with a significant accumulation of 430,000 ETH worth $1.4 billion in just two weeks, as reported by Ali Martinez. This activity underscores growing confidence among large-scale investors. Sentiment data further supports this bullish outlook, with smart money sentiment soaring to 2.28 on a scale of -5 to 5, compared to a neutral 0.06 from retail investors. The optimism aligns with AI projections, which set a year-end target of $3,800 to $4,200 for ETH, suggesting further upside as whales and institutional players position for the next rally.
