Ethereum Eyes 15% Move Amid Key Resistance Retest – Breakout Or Rejection Next?

Ethereum is currently retesting a significant resistance level after a 3% daily recovery. It has been rejected from this level since last month and is now trading sideways within a defined range. An analyst predicts a potential 15% move for ETH, based on its consolidation. Ethereum has been trading between $2,475 and $2,680 since May, failing to break above the upper boundary. The cryptocurrency bounced off the lower boundary after a recent pullback, then reclaimed $2,500. Analysts highlight an ascending triangle formation on the daily chart, with the upper line around $2,680-$2,700. If ETH breaks out, the price could surge to $3,100. Several analysts have drawn comparisons between Ethereum's current price action and Bitcoin's 2020 performance. These comparisons suggest the possibility of a new all-time high for Ethereum in the coming months. The prevailing sentiment among analysts is bullish, anticipating a breakout soon.