Bitcoin has broken above a crucial resistance level, signaling a possible shift in the market and this break could be the start of a new bull market as Bitcoin is now showing significant strength after 200 days of lower highs. Historically, strong performance in September and October has led to positive momentum in the fourth quarter, 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 from Crypto World: Ethereum is also showing signs of a continued bullish trend, especially when looking at the three-day time frame. The price remains strong in the support zone between $2,150 and $2,200, with a new support low around $2,450 to $2,500. On the resistance side, there is 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 mark a very bullish move. A breakout would create a strong price structure and pave the way for bigger momentum. The analyst had noticed this difference when the price was below $2,300, and predicted a price increase or sideways move.
Looking at the Fibonacci retracement, the next major resistance is around $2,670, with the 50% retracement level just above $2,800. The near-term price has faced resistance at $2,660 to $2,670, but signs of a breakout are visible. A confirmed daily candle closing above $2,670 would likely lead to a sustained upward move towards $2,800. If this level is broken, Ethereum could head towards $3,000.
In the shorter term, the previous bearish divergence is no longer relevant as the price has reached higher highs and the RSI has broken out of a resistance line. Overall, Ethereum’s bullish trend is holding, with the larger bullish divergence on the daily chart still in play.
