Ethereum Market Analysis - 3 years resistance broken

Hello everyone,
How are you all? In this blog we will discuss about the Ethereum price movement and we will try to understand what can the market give us in the coming days and weeks.

We are going to consider the 1D chart for this analysis and we will be discussing the last three years trend lines, both resistance and support. Before we move on I want to congratulate every crypto believer as bitcoin crossed 100k USDT and that is really a benchmark for the father of crypto currencies.

But as bitcoin has crossed 100k the next question in mind is that what about Ethereum? Will we not see any run in Ethereum? Why is Eth still sleeping. Let us have a look at the chart below to understand the price movement for ethereum.

In the above chart that was drawn on Trading View platform by me. We can see that Ethereum has a resistance line for last three years which has not been broken in almost more than three years of time.

In the below screenshot you can see that the resistance line was broken recently and that means we can see ethereum pump by big number that will take it to 5000-6000 dollars in my opinion. If the resistance line we are talking about plays the role of support in next few hours we can consider the price movement bullish.

Also check the screenshot below,

You can see that in march 2024 when the crypto market was bullish Ethereum rejected from this downtrend resistance line only. It means breaking it is something we should really not ignore. I am happy that I bought ethereum at 2500 dollars last month. I will consider that as one of the best decision of for this year related to crypto.

So, I will just say that don't worry at all and wait for Ethereum to start its move because that is yet to come and when it will come everyone will only be talking about Ethereum.

Thank You