Ethereum ‘Breaks Out’ With 7% Gain as Analysts Eye Further Upside

Ether prices came just shy of $3,400 on Coinbase in late trading on Tuesday, according to Tradingview. It is the highest the asset has reached since November 13, almost four weeks ago.

Analysts are calling it a breakout and eyeing further gains as ETH holds above $3,300 at the time of writing, while Bitcoin has pulled back again.

“ETH is quietly setting up for something big,” said crypto analyst ‘Negentropic’ while observing that dominance had reclaimed a key moving average with a trend break behind it and momentum pressing higher.

Big Bullish Structure

Meanwhile, analyst Merlijn The Trader said “the most bullish structure in crypto is forming on ETH,” in reference to a large inverse head-and-shoulders pattern on the long-term weekly time frame.

Fellow analyst ‘Rekt Capital’ observed that Ethereum has been able to “demonstrate price-strength confirmation at this region of demand thus far, enabling this latest move.”

He added that if futures close the weekly candle above the CME gap top and retest it as new support, “that could confirm trend continuation going forward.”

A CME gap occurs when crypto futures on the Chicago Mercantile Exchange close at one price on Friday and reopen at a significantly different price on Monday, leaving a “gap” on the price chart.

ETH broke out of local resistance and reclaimed the higher time frame trend, “now looking to defend that region as support,” said analyst ‘Mercury.’

Elsewhere on Crypto Markets

Bitcoin’s rally to $94,500 was short-lived, and the asset fell back to $92,000 in the hours that followed as weakness prevailed, but it has remained above it since.

The altcoins were mixed with larger gains for Solana, Dogecoin, and Cardano, while XRP, BNB, and Tron remained suppressed.

Total market cap was 3.2% at $3.25 trillion, but it has been Ethereum leading the market rally so far.

The post Ethereum ‘Breaks Out’ With 7% Gain as Analysts Eye Further Upside appeared first on CryptoPotato.