Following a notable performance over the past 24 hours, Ethereum (ETH) is attempting to reclaim a key level as support. Some analysts suggest a breakout toward the $3,000 mark could be coming if the $2,600 mark holds.<\/p>\n
On Tuesday, Ethereum surged<\/a> to the $2,700 resistance after a 6.3% price jump in the daily timeframe. The cryptocurrency climbed from the $2,500 support zone toward the recent resistance level, hitting the $2,712 mark before retracing.<\/p>\n ETH has been unable to cross this zone after recording its three-month high of $2,738 two weeks ago, halting its retest of higher horizontal levels. Notably, the King of Altcoins has surged over 50% in the past month and around 98% from April\u2019s lows.<\/p>\n Amid the May crypto market rally, which saw Bitcoin hit a new All-Time High (ATH) of $111,953 last week, Ethereum has traded sideways for most of the month, hovering between the $2,450-$2,600 price range.<\/p>\n Nonetheless, ETH has outperformed Bitcoin so far during the second quarter, registering a 47.78% increase since April started.<\/p>\n Analyst The Cryptonomist pointed<\/a> out that Ethereum has broken above the $2,600 level, signaling that a reclaim of this level could conclude ETH\u2019s sideways action between its current price range and propel its price toward the $3,400 mark.<\/p>\n Similarly, Crypto Bullet affirmed that ETH is \u201cabout to break out and fill the big CME Gap.\u201d According to the chart, the Altcoin appears to be forming a symmetrical triangle over the past few weeks, and is currently attempting to break out from the formation.<\/p>\n A successful breakout and retest of the $2,700 level could send ETH\u2019s price to the CME GAP levels, between $2,900 and $3,350, which other analysts also believe<\/a> will be filled soon.<\/p>\n Meanwhile, analyst Rekt Capital noted<\/a> that Ethereum Dominance is \u201cshowcasing initial signs of trying to hold the ~9% level as support,\u201d suggesting a potential bullish performance in June.<\/p>\n As the analyst explained, ETH dominance has bounced since dropping to new All-Time Lows (ATL) last month, playing out \u201cthe full extent of its September 2019 upside.\u201d<\/p>\n Keeping this level as support<\/a> could propel the cryptocurrency to a more market-dominant performance next month, resembling its 2019 playbook.<\/p>\n Market watcher Merlijn The Trader affirmed<\/a> that Ethereum\u2019s chart \u201cis screaming bullish,\u201d showing a multi-year base and \u201cclean\u201d bullish pennant pattern. To the trader, this setup could launch the cryptocurrency to a long-term target of $8,000 after breaking above the $3,000 mark.<\/p>\nETH Dominance To Surge In June?<\/h2>\n