Bitcoin has broken above a crucial resistance level, signaling a potential shift in the market and this breakthrough could be the start of a new bull market, as it is now showing significant strength after 200 days of lower highs. Historically, strong performances in September and October have led to positive momentum in Q4, and the data suggests that the next Bitcoin bull market could begin in just a few days. But what about the second-largest crypto?
According to analyst Josh of Crypto World, Ethereum is also showing signs of a continued bullish trend, especially when looking at the 3-day time frame. The price is holding strong in the support zone between $2,150 and $2,200, with another layer of support around $2,450 to $2,500. On the resistance side, there’s a crucial Fibonacci level at $2,800, which previously acted as support but is now resistance.
Is The Bull Run Confirmed For Ethereum?
If Ethereum can break and close above $2,800 on the 3-day chart, it could signal a very bullish move. A breakout would create a strong price structure, and it could pave the way for a higher push. The analyst had noted this divergence when the price was below $2,300, predicting either a price rally or sideways movement.
Looking at the Fibonacci retracement, the next key resistance is around $2,670, with the 50% retracement level just above $2,800. The short-term price has faced resistance at $2,660 to $2,670, but signs of a breakout are emerging. A confirmed daily candle close above $2,670 would likely lead to a continued upward push towards $2,800. Breaking this level could then see Ethereum moving towards $3,000.
On the shorter time frame, the previous bearish divergence is no longer relevant, as the price has made higher highs and the RSI has broken out of a resistance line. Overall, Ethereum’s bullish trend is holding strong, with the larger bullish divergence on the daily chart still in play.
