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A cryptocurrency trading expert has identified Ethereum’s (ETH) latest price surge as a key signal for the start of a new bull market, potentially propelling the asset to as high as $8,000 in the coming months.  This momentum follows Ethereum’s breakout from a prolonged consolidation phase, which has signaled robust bullish sentiment as the asset edges closer to key resistance levels and the possibility of a new all-time high. Technical indicators point to a bullish breakout Alan Santana, a prominent cryptocurrency analyst, highlighted that Ethereum’s price rebound is largely anchored by the 200-day moving average (MA200), a critical long-term support level. Ethereum price analysis. Source: Alan Santana/TradingView This moving average has held firm, including in November 2022, October 2023, and more recently, late 2024. After a retest in August this year, Ethereum successfully consolidated above the MA200, paving the way for its strongest weekly gains since April 2021. Santana noted that the current weekly candle, supported by the highest trading volume since November 2022, confirms a robust bullish breakout.  Ethereum key levels to watch Ethereum’s immediate resistance sits at $3,342, followed by $4,011, and then a significant hurdle at its previous all-time high of around $5,800.  Beyond this, the projected targets include $7,322 and $7,871, based on the extension of the previous bull-market cycle. Unlike earlier cycles, where cryptocurrency was shrouded in skepticism and opposition from governments and traditional finance, the current market benefits from widespread legal acceptance and global support, setting the stage for unprecedented growth. More bullish projections Adding to the growing optimism, crypto trading expert Rekt Capital highlights that Ethereum is currently breaking out of its short-term bull flag, signaling strong bullish momentum.  Ethereum price chart. Source: Rekt Capital If the breakout holds, ETH could revisit the $3,700 resistance level, marking a key step in its upward…

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Filed under: News - @ November 22, 2024 7:24 pm