Cryptocurrency markets closed the week on a positive note, with most coins returning to the green zone as per the latest CoinMarketCap data.
Ethereum (ETH) demonstrated notable strength, surging over 24% in the past week and maintaining bullish momentum despite approaching key resistance levels.
According to COINOTAG, “Ethereum’s sustained volume and absence of reversal signals suggest continued upward pressure through the month.”
Ethereum leads crypto gains with a 24.77% weekly rise, maintaining bullish momentum near $3,766 resistance amid strong market volume.
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Ethereum’s recent price action underscores a robust recovery phase within the broader cryptocurrency market. The 5.41% daily increase and a substantial 24.77% weekly gain reflect growing investor confidence. On the hourly chart, ETH is testing a critical local resistance level near $3,766, signaling a potential breakout if momentum persists. Market participants should note that the daily Average True Range (ATR) indicates limited volatility expansion in the immediate term, suggesting a steady consolidation phase before any decisive moves.
Analyzing Ethereum’s midterm outlook reveals no immediate reversal patterns, which is a positive signal for bulls. The persistent high trading volume further corroborates the strength behind the current uptrend. As the price hovers close to the $3,800 zone, traders and investors should watch for a confirmed candle close above this level to validate a continuation of the rally. The dominance of bullish sentiment on larger time frames reinforces the potential for sustained gains through the end of the month.
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Source: https://en.coinotag.com/ethereum-shows-potential-for-continued-growth-amid-resistance-near-3766/