Ethereum Rally Extends: Key Price Levels and Outlook
Ethereum continues to lead the broader crypto market recovery, with multiple technical indicators pointing to further upside for ETH. The Total2 index, which tracks altcoin market capitalisation excluding Bitcoin, has found strong support near $1.52 trillion and is poised to challenge resistance around $1.64 trillion. Ethereum’s daily chart shows a series of higher highs and higher lows, while the weekly chart confirms a breakout above the 2021 all-time high. Key resistance sits at $4,950; a sustained move above this level could trigger fresh price discovery.
Against Bitcoin, the ETH/BTC pair has gained 125% from its recent low and reclaimed 0.04 BTC as support. The next targets are 0.045 BTC, 0.05 BTC and 0.06 BTC. However, a major descending trendline on the weekly ETH/BTC chart may cap gains if it holds. Traders should watch the Stochastic RSI and MACD for momentum shifts. Overall, chart patterns and market breadth suggest a bullish outlook for Ethereum in both USD and BTC terms, though a failure at key trendlines could lead to short-term pullbacks.
Bullish
Ethereum’s charts across multiple timeframes exhibit strong bullish signals: Total2’s support and breakout potential points to an altcoin rally led by ETH; daily higher highs and lows underline sustained momentum; weekly confirmation above the 2021 high accelerates price discovery past $4,950. ETH/BTC’s 125% rebound and reclaimed 0.04 BTC support indicate relative strength versus Bitcoin, with clear upside targets. Although the ETH/BTC weekly trendline poses a short-term hurdle, similar breakouts in early 2021 preceded extended rallies. Hence, the overall outlook remains bullish both in USD and BTC terms, with temporary pullbacks unlikely to derail the uptrend.