Ethereum Closes on $2,800 in 7% Gain But Resistance Remains

Ethereum has made a rare move north today, adding 7% in under 24 hours to reach $2,787 during early trading in Asia on Thursday morning. The four-week high is the highest the asset has traded since June 12, when it reached $2,870.

However, heavy resistance lies at this level, and Ether has not traded above $3,000 since early February. Nevertheless, analysts and traders remain optimistic.

What The Analysts Are Saying

“ETH is nicely grinding back upwards, and it’s on the edge of having a big breakout upwards taking place,” observed MN Fund founder Michaël van de Poppe

He added that there will be a “lot of momentum in the entire ecosystem” in the coming period. There is also a large number of positions that will get liquidated if ETH returns to $2,800, observed Ted Pillows.

He added that “Smart money is buying, and the Ethereum fractal looks like the Bitcoin 2020-21 cycle,” before stating that “The biggest move will happen in the coming months.”

Analyst ‘Merlijn The Trader’ compared the Ethereum chart to the Dollar Index (DXY), saying. “It’s 2020 vibes but now with trillions in play.”

https://twitter.com/MerlijnTrader/status/1943007242036658584?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Meanwhile, investor “Crypto GEMs” compared the current chart pattern with a virtually identical pattern for ETH just before it rallied in 2017, albeit on different time scales.

https://twitter.com/cryptogems555/status/1942821004503572882?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

This week, crypto venture firm Electric Capital predicted big things for Ethereum as it becomes the backbone of digital finance and tokenized assets such as stablecoins.

Nevertheless, Ethereum is still down 43% from its 2021 all-time high, while big brother Bitcoin just reached a new one.

Bitcoin Returns to ATH

Bitcoin jumped to a new peak on some exchanges at around $120,000 but was unable to move any higher and has since fallen back to $111,000 at the time of writing.

The move by the top two has added $100 billion to total crypto market capitalization, which is currently at $3.53 billion.

The altcoins were mostly green with XRP, Dogecoin, Cardano, Hyperliquid, Sui, and Stellar performing better than their brethren.