Ethereum Bulls Are Closing In on a Major Breakout: Is This Resistance the Final Barrier?

"Maybe sleeping on Ethereum was the biggest mistake of this cycle," said one analyst. The major rally that started in August and intensified in September has finally flipped ETH’s higher-timeframe structure bullish, and several analysts agree that only one major resistance remains in the asset’s way. A decisive break above it could open the door to a much larger move toward $3,000 and beyond. $2.8K Still in Its Way The largest altcoin has now reclaimed the 200-day moving average and pushed into the $2,800 region last week, where it was finally stopped. Daan Crypto Traders highlighted the change in its market structure, confirming that a weekly close above the 200 MA and EMA has solidified its bullish reversal. However, he believes $2,800 is the major obstacle standing in front of ETH, and clearing it would leave relatively little high-timeframe resistance before the $3,000-$4,000 region comes back into play. Aside from last week’s rejection at $2,800, the level has stopped ETH’s progress on several occasions in the past few years. $ETH The $2.8K level has acted as support & resistance many times over the past 2 years. Often it caused a big move to follow from that point. Theref...