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According to “TradingView” data, the price of Ethereum on the Coinbase platform rose by 7% yesterday (Tuesday), approaching $3,400, which is the highest level reached by the currency since mid-November.
Analysts believe this move represents an important breakthrough, especially as Bitcoin remains above $3,300 despite its decline.
The “Negentropic” analyst explained that Ethereum is quietly preparing for a sharp rise, citing its restoration of dominance of the major moving averages and increasing upward momentum, noting that similar patterns have led to accelerated gains in the past.
He believes that the downward phase for Ethereum and alternative currencies is over.
Analyst “Merlin The Trader” believes that Ethereum is currently exhibiting the strongest bullish structure on the market, indicating the formation of a broad inverse head and shoulders pattern on the weekly frame.
Additionally, analyst “Rekt Capital” confirmed that prices are performing strongly in the demand zone, which has helped drive the recent rise, noting that closing the weekly futures contract above the top of the CME gap and retesting it as a support level may strengthen the continuation of the uptrend.
A CME gap occurs when the futures market reopens on Monday at a different price than Friday’s closing price, leaving a noticeable gap in the chart.
On a related note, Bitcoin fell after briefly rising to $94,500, heading towards $92,000 as market sentiment continued to be weak, while some alternative currencies such as Solana, Dogecoin, and Cardano maintained strong gains, while XRP, BNB, and Tron remained under pressure.
Despite this, the total market capitalization of cryptocurrencies has risen to $3.25 trillion, with Ethereum remaining the main driver of the rise so far.
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