Ethereum to pull a BTC 2021-like rally? The weight of the analyzer

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As Bitcoin finally rises above the long-awaited $100,000 milestone, Ethereum (ETH) looks to break out of a key resistance zone. The second-biggest crypto rally has fueled optimism about its goals, with some suggesting it could mimic BTC’s 2020-2021 rally.

Ethereum reclaims $3,900

Ethereum, the second-largest cryptocurrency by market capitalization, is recorded A 10% gain over the past week, moving from the $3,500 mark to the $3,900 resistance. On Wednesday, the king of altcoins breached the $3,800 level for the first time in six months and continued to climb to retest the $3,900 resistance, not seen since early March.

In the early hours of Thursday, ETH turned this key zone into support, briefly dipping to $3,860 before jumping back to recently reclaimed levels. As the cryptocurrency nears its annual high of $4,093, sentiment around the token’s short-term performance has shifted much more sharply.

Ethereum is retesting a massive multi-year resistance zone, which could send ETH to a new ATH. According to analyst Alex Clay, cryptocurrency tries to break “By Key Resistance Zones on the Weekly Time Frame.”

ETH has rested the key zone five times since 2021, before facing rejection from upper resistance at $3,950 on four occasions. However, Ethereum broke this level in late 2021, when it hit its all-time high (ATH) and remained above it for almost three months.

The analyst noted that if the king Altcoins If it successfully breaks above this level and turns it into support, it will be the next “break to” and break its ATH. Clay added that he doesn’t see “a big pullback in the near term.”

Likewise, cryptanalyst jails was told That if Ethereum breaks above the March high, “all bets are off,” suggesting that the likelihood of ETH taking a long consolidation period before a new ATH like BTC’s was “extremely low.”

Will ETH Move Toward $10,000?

Jelle also noted that Ethereum’s current setup mimicked Bitcoin in July 2020. According to the chart, Bitcoin broke a multi-year downtrend line in mid-2020, followed by a massive 500% 10-month rally towards the $60,000 mark in April 2021.

The analyst noted that ETH breached the multi-year trend line today, as did BTC in 2020, which could trigger a similar rally to new highs in the next few months. He added that investors are “in for a treat if it plays out something like this.”

In another post, he exposed That Ethereum started rallying when Bitcoin broke its ATH and entered price discovery when BTC traded almost 100% from its previous cycle high.