Ethereum Tracks Bitcoin Rally: Why A Surge to $3,400 Could Be The Beginning

Ethereum is showing strong bullish momentum, mirroring Bitcoin's recent upward trend. After a period of consolidation, ETH is now testing a crucial resistance zone, indicating a potential breakout. Analyst Michaël van de Poppe suggests ETH is poised to follow Bitcoin, targeting a breakout around €2,070 ($2,430). Repeated attempts at this resistance without significant rejection are weakening the sell orders, increasing breakout likelihood. Beyond the immediate barrier, €2,350 ($2,759) and €2,900 ($3,400) are identified as subsequent key resistance levels. A rejection at €2,350 would be considered a weak outcome after nearly three months of consolidation. Extended consolidation often leads to explosive moves, making a push towards €2,900 more consistent. Broader altcoin market momentum, fueled by Bitcoin's climb, could accelerate Ethereum's upside. Donald Dean also shares a bullish outlook, noting daily and weekly charts align for a strong upward move. The daily chart shows a clean move off a key volume shelf, with a $2,970 target. Fibonacci projections suggest a significantly higher target near $6,941. From a weekly perspective, ETH is bouncing off strong support, with historical patterns indicating a potential 200% move towards $7,332. Both daily and weekly projections converge around the $7,000 region, strengthening the case for a major upside expansion.