Ethereum (ETH) Price Surges Above $3,200 Marking New Highs

Ethereum (ETH) has been on an impressive upward trajectory over the past five weeks, hitting a high of $3,270 today. This surge has seen Ethereum break through long-term horizontal and diagonal resistance levels.

Analyzing the weekly timeframe, Ethereum's price has surged consistently over the past five weeks, reaching $3,270 for the first time since March 2022. This upward movement has seen the asset break out of a long-term ascending parallel channel and its mid-range. This breakout follows two unsuccessful attempts previously.

Prominent cryptocurrency traders and analysts on Twitter have expressed positive sentiments regarding Ethereum's future trend. Immortalcrypto suggests that Ethereum is poised to outperform Bitcoin significantly. Similarly, Bob Lucas and MacnBTC anticipate a breakthrough of the descending resistance line, while CryptoMichNL believes that Ethereum's dynamics will be heavily influenced by Dencun's upgrade and the potential approval of Ethereum spot ETFs.

The ETH/BTC chart displays bullish indicators akin to the ETH/USD chart. Currently attempting to breach the descending resistance line, a successful move could see Ethereum rise by 35%, reaching a level of ₿0.078. A similar surge to $4,000 is probable in the ETH/USD pair. However, failure to close above the trendline and mid-range could invalidate the breakout, potentially causing a 33% drop to ₿0.038 or $2,500.

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