Ethereum’s Way Forward: Analysis of Current Trends and Indicators

Ethereum is painting a promising picture as it approaches the end of the year with its resilience to market volatility. The cryptocurrency has recently bounced back with an increase of over 8% and is currently trading around $3,389.53; its market cap exceeds $408 billion. This upward momentum raises questions about Ethereum’s potential to recapture the $4.7k level it reached in November 2021.

With the increasing investor interest, leading crypto analysts are suggesting that Ethereum is on the verge of breaking its previous record. Prominent analyst AlejandroBTC noted that he expects a potential ATH by the end of the year, and drew attention to the resistance levels that ETH needs to overcome in order to achieve this goal.

When we examine Ethereum’s daily chart, we see that the token is struggling to break the $3.4k resistance level. Despite these hurdles, technical indicators offer promising signs of a bullish trend. For example, the 9-day MA has crossed over the 21-day MA, indicating a possible upward momentum in the coming days.