This week, Ethereum (ETH) has reclaimed the $2,600 level as support for the first time since February, and it\u2019s pushing to retest the next key resistance after a breakout from a short-term pattern. Some analysts suggest that ETH\u2019s rally could target its Macro Range high area in the coming weeks.<\/p>\n
After struggling to break past the $2,600 mark, Ethereum has reclaimed this level as support. Over the past two days, the second-largest cryptocurrency by market capitalization has held this key level while attempting to break above the $2,700 mark.<\/p>\n
Since recovering from its sub-$2,000 dip earlier this month, ETH hovered between $2,400 and $2,600, failing to reclaim the range\u2019s upper zone despite its $2,738 multi-month high on May 10.<\/p>\n
Nonetheless, this week\u2019s rally has seen the cryptocurrency rise above its local range and attempt to gain more strength to stop its sideways<\/a> trajectory and continue its 50% recovery rally.<\/p>\n Analyst Titan of Crypto noted<\/a> that ETH just broke out of a two-week bullish flag, leading to today\u2019s surge to the $2,788 level. He suggested that if the breakout is confirmed, the pattern\u2019s target sits around the $3,800 level.<\/p>\n Crypto Jelle pointed<\/a> out that Ethereum is \u201cstill moving as planned, pushing deeper into the resistance area\u201d around the $2,850 mark. Several analysts have named this level as the resistance before the $3,000 mark, and the wall \u201cstanding in the way of altseason.\u201d<\/p>\n Rekt Capital highlighted that Ethereum has been successfully retesting a crucial horizontal level since re-entering its $2,220-$3,900 Macro Range. Notably, Ethereum has been closing above the $2,468 mark for the past four weeks, setting up the stage for a \u201clift across the range.\u201d<\/p>\n With this successful retest<\/a>, the King of Altcoins is \u201crepeating early 2024 history.\u201d Notably, ETH recorded a 50% four-week breakout after smashing the $2,486 resistance and retesting it as support. However, \u201cthe only difference is that it has just taken longer this time,\u201d the analyst added.<\/p>\n Meanwhile, analyst Ted Pillows considers<\/a> that ETH is showing strength as its trading pair against Bitcoin (BTC) gains momentum and BTC dominance motion seemingly fades.<\/p>\n The analyst also noted the ETH\u2019s Weekly MACD bullish<\/a> cross and reclaim of its multi-year support trendline. Based on this, he forecasted that Ethereum could soon soar to the $4,000 resistance.<\/p>\n It\u2019s worth noting that Ethereum is outperforming the flagship cryptocurrency this quarter for the first time since 2022, registering a 45% increase since April 1. Additionally, ETH continues to hold above its key level despite BTC\u2019s dip below the $106,800 support.<\/p>\nETH Gains Momentum<\/h2>\n