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The cryptocurrency, which currently has a market capitalization of around $250 billion and is in second place in terms of market size, is showing signs of a potential recovery. Analysts have identified a bullish triangle on the Ethereum chart, which has been forming since mid-2022, after the collapse of . This pattern suggests that if Ethereum manages to break the key resistance level above $2,100, and particularly if it breaks through the $2,200 mark, it could trigger a significant rally towards its all-time high of $4,800.
The current Ethereum price is hovering around $2,047, which is significantly below its high. However, the cryptocurrency saw a notable increase of 16.53% over the past month, managing to surpass the important threshold of $2,000, which now acts as a support level. Anticipation is growing as the model indicates a possible rise, although such a rise is not expected to occur until 2024.
Investors and traders are closely monitoring Ethereum’s movements as breaking above the $2,100 resistance could mark the start of an uptrend, likely to lead to a doubling of its value from its current price . The market is closely monitoring Ethereum’s performance, considering the long-term trend and recent dynamics that could suggest a change in the trajectory of the digital currency.
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