• Ethereum surges above $3,000 as bullish signals strengthen and analysts eye a potential breakout toward $3,700.
• Strong daily rebound and rising volume show renewed market momentum while ETH holds key intraday resistance levels.
• Analysts highlight ETH/BTC recovery potential, noting Bitcoin’s trend may dictate Ether’s next major upward move.

Ethereum (ETH) continued its upward momentum after a sharp pullback and ended the day with strong bullish movement, following Bitcoin’s positive shift. Analysts note that a break above the major trend line could be the trigger for Ethereum’s next upward move. The intraday chart remains volatile, but early signals suggest the market may soon set up a clearer bullish pattern.

Ethereum posted a strong rebound over the last 24 hours, gaining 8.90% and trading at $3,056.24 at press time. The ETH recorded a daily volume of $47.87 billion, while its market capitalization held near $368.87 billion, signaling renewed momentum across the market.

Ethereum Nears Crucial Trendline Test

Popular crypto analyst CRYPTOWZRD pointed out that Ethereum followed Bitcoin’s momentum and ended the day in the positive. It seems that in the future, the future of the ETH/BTC pair could be in favor of another rally that would contribute to Ethereum’s further increase in price. The analyst stated that Bitcoin would dictate the market’s future movements.

The daily candle closed strongly positive as Ethereum rebounded from yesterday’s abrupt plunge, as anticipated by the analyst. But this candle forms slightly mixed market sentiment. This indicates that Ethereum/USD needs a clear breakout from the higher low trend line in the Daily time frame. This trend line is now perilously close to being challenged.

A successful breakout may spark a strong rally and open up the way towards the $3,700 resistance level. However, the key support level is pegged at $2,800.

CRYPTOWZRD further highlighted that his attention would be focused on the lower-time-frame setups tomorrow because there may be fast trading opportunities based on how values react.

Also Read | Ethereum (ETH) Open Interest Plunges 51% on Binance as Market Faces Deep Reset

Ethereum Intraday Eyes Key Resistance

The intraday levels are still highly volatile due to the recovery in value. The current level of ETH is holding above $3,055 intraday resistance levels. This level may cause further support in rising value if appropriately utilized.

However, there’s also this double-top pattern being formed in the intraday graph. This indicates that if there’s a slight drop and another push towards the upward direction, there would be a clean formation for going long. Without this pullback, there would only be a fake-out in the market.

However, if the price falls, the next short-term support level would be around $2,880. Currently, the market should exhibit a more defined structure to display a mature trading opportunity.

Also Read | Bitcoin (BTC) Crisis Deepens: Q3’s Shocking Metrics Shake Miners