On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the first time in over a week, sparking a bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break from the next resistance level and reclaim the $3,000 mark.<\/p>\n
Ethereum surged above a key resistance level on Wednesday morning as most of the crypto market soared<\/a>. The cryptocurrency rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722 mark before retracing to $2,710.<\/p>\n Over the past week, ETH hovered between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market watchers, who have heavily criticized<\/a> the crypto\u2019s price action throughout the year.<\/p>\n However, today\u2019s jump represents a 5.6% increase in the weekly timeframe, which sparked a bullish sentiment among the community. Crypto trader CRG noted<\/a> that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher timeframe (HTF).<\/p>\n Per the chart, ETH\/BTC is retesting an HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, with ETH\u2019s all-time high rally starting after breaking above the upper line of this range.<\/p>\n The trader suggested that Ethereum\u2019s surge would be short-lived as the \u201cKing of Altcoins\u201d has had a \u201cdisappointing\u201d performance despite the spot ETH exchange-traded funds (ETF) approval. \u201cETH is like the toxic ex-gf that keeps you going back,\u201d he jokingly stated.<\/p>\n Similarly, crypto analyst Micha\u00ebl van de Poppe remarked<\/a> that it\u2019s time to be bullish on ETH, suggesting that there\u2019s a \u201cmassive bullish divergence\u201d in the one-day timeframe of the ETH\/BTC chart, while it was \u201cpopping up\u201d in the three-day timeframe. Van de Poppe pointed out that the 0.051 area is the crucial zone for a trend reversal.<\/p>\n Various crypto analysts have set the $2,800 resistance level as the next crucial zone if Ethereum successfully reclaims the $2,700 mark. Analyst Crypto Yapper pointed out<\/a> that ETH has registered five consecutive green daily candles since bouncing from last week\u2019s lows.<\/p>\n To the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will rally toward the $3,000 resistance level and potentially kickstart the altcoin season.<\/p>\nETH To Hit $3,000 In Two Weeks?<\/h2>\n