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Ethereum recently witnessed a robust price surge, resulting in a bullish breakout above the critical resistance level of 2739.0. This breakout occurred as Ethereum consistently formed higher lows, signalling increased buying pressure. Buyers steadily drove the price upward, despite initial resistance from sellers at the zone. This culminated in a decisive breakout, which further surpassed a resistance trendline anchored by previous major swing highs in June and August. The breakout was also supported by increased transaction volumes, evident from the lengthening volume bars on the daily chart—indicating stronger market participation and buyer conviction.
Since this breakout, a series of bearish candlesticks has appeared, suggesting a pullback towards the key level of 2739.0. This retest may play a crucial role in building further buying pressure, as it allows bulls to re-enter the market at a significant price level. Should the 2739.0 level hold, the newfound support could pave the way for Ethereum to continue its upward trajectory, potentially setting the stage for another bullish push.
Ethereum Key Levels
Demand Levels: 3086.0, 2739.0, 2430.0
Supply Levels: 3547.0, 4013.0, 4867.0
What Are the Indicators Saying?
Technical indicators further support the bullish outlook. The Machine Learning Lorentizan Classification indicator produced a green tag following the breakout on the daily chart, reinforcing the bullish sentiment and suggesting a favorable market direction for buyers. Additionally, the Hull Butterfly indicator shows continuous upward momentum, with an increasing number of green bars reflecting stronger buying activity within this phase. Both indicators align to support the expectation of Ethereum potentially reaching the swing high at 3547.0.
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