The current week of the market for cryptocurrency has seen a lot of the sideways action in price that has been experienced by the broader ecosystem in the past months. Bitcoin continues to maintain support close to $41,000 even as several top analysts warn of rising rates of interest and high inflation that could cause top cryptocurrencies to fall below $30,000.
Among altcoins, Ether is showing signs of movement. Analyst Woo mentioned that Ether appears to be preparing to show upward movement after a long bearish trend of three and half months.
TradingView and Cointelegraph Market Pro data revels that Ether’s price has risen above the $2,900 support. Bulls appear to be preparing for another run to break through the resistance at $3,000 after they were firmly prohibited at that range these past many days.
Ether Has To Move Above $3,000 Resistance
Twitter user Rager has highlighted the coiling tendency of the present price action of Ether. He noted that ETH continues to gradually compress, showing lower peaks. He said that he is currently waiting for it to push above $3,000. He said he would consider that as the initial level above which Ether would stay at present.
Cactus has posted a comparable outlook and noted the significance of a breakout in the price above a vital trend line at $2,860. He provided a possible trajectory in price pushing forward.
De Poppe stated that a good bounce on ETH here makes it very likely that we are going to see highs at close to $3,000. But he also cautioned that there always remains the question of how strong we would be moving on from that stage. Any immediate rejection could see it reach the maximum in the relief rally.
Poppe identified that $2,800 could be the next critical ETH support level. The overall cryptocurrency market is now at $1.867T and Bitcoin dominates 41.7% of the market.
