Ethereum Hits Two-Year High, Analysts Positive on Future Prospects

Ethereum broke through long-term resistance, marking its highest weekly close since April 2022 and climbing above the $3,000 milestone this week. This surge signals a significant breakthrough for the popular cryptocurrency, raising questions about whether it will reach new all-time highs.

The weekly Relative Strength Index (RSI) indicates a strengthening bullish trend, rising above 70. Analysts interpret this as a positive sign for Ethereum's upward trajectory.

Traders and analysts on platform X are expressing positivity regarding Ethereum's prospects. Many highlight key resistance levels and potential scenarios for future movements. 

Wave analysis on a weekly timeframe suggests continued growth, with the most likely scenario indicating Ethereum's current position within an ascending wave pattern. A bullish breakout from this pattern could drive Ethereum up by another 16%, reaching $3,400.

However, failure to close above the 0.5 Fibonacci resistance level at $2,920 might lead to a 10% decline towards channel support at $2,630.

It's important to note that the information provided is for informational purposes only and should not be considered financial advice. Readers are encouraged to verify information independently and consult with a financial advisor before making any investment decisions based on this content. Market conditions remain unpredictable, and caution is advised when trading cryptocurrencies.