Ethereum (ETH) Has Only Closed Above This Price in a Bull Run, and It’s About to Do It Again

Ethereum (ETH) appears primed for a major bullish breakout, with the price approaching key levels not seen since the last market cycle’s peak. According to analysis from crypto trader Rekt Capital, Ethereum looks ready to close its monthly candle above $3,000 for the first time since 2021.

Monthly Close Above $3,000 Would Be Historically Bullish

Currently trading between $2,950 and $3,000, Ethereum’s chart remains in a decisive uptrend. As Rekt Capital points out, Ethereum has broken out of its macro trading range between $2,200 and $2,800. Now the price looks strong as it approaches the $3,200 level, which it has only closed around during historic bull runs.

“A monthly close above the $3,000 at the end of the month also represent new labels not seen since 2022,” explains Rekt Capital. He notes Ethereum has only ever monthly closed at these elevated levels during a bull market, which last occurred in 2021.

Analysts See Continued Upside for Ethereum

Other analysts agree Ethereum’s technicals and on-chain activity point to further upside. CryptoJelle notes that while Ethereum likely won’t make new all-time highs in one move, it remains a strong long-term hold for 2024.

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“There we go, ETH is showing the market what it’s made of. This won’t go to new highs in one go, but ETH should be a good asset to hold for the rest of the year. Send it higher,” he tweeted.

Conclusion

In summary, Ethereum looks poised for continued bullish momentum as it approaches key resistance levels not seen since the last cycle’s peak. Breaking above $3,000 with a monthly close could confirm a historic bullish breakout. Analysts remain optimistic about Ethereum’s upside potential through the rest of 2024. The coming weeks will determine whether Ethereum can sustain this bullish momentum and make a run toward reclaiming its all-time highs.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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