Cryptocurrency markets are buoyed by the significant price performance experienced by Ethereum last week. Analyst Bluntz stated that Ethereum had a strong weekly close above this range for the first time after a long accumulation range. This could herald a significant change in Ethereum price.
According to Bluntz’s analysis, Ethereum’s strong weekly close is particularly reminiscent of the performance of Chainlink (LINK), which had a similar move in October. Chainlink experienced a great rise after breaking the accumulation range at that time. Bluntz thinks that the leading altcoin Ethereum could make a similar move and achieve a significant price increase. This signals that Ethereum may end its long-standing consolidation period and enter a new upward trend.
“ETH finally achieved a strong weekly close above the 530+ day range. “For perspective, I think there is a very strong possibility that it will start to evolve significantly like LINK and other altcoins with similar structures.”
Additionally, according to Bluntz’s assessment, Ethereum has begun to show strength against its competitors, Chainlink and Solana. This indicates that Ethereum is starting to gain a competitive advantage against other important cryptocurrencies in the industry.
“Many trading pairs that have been in massive uptrends, such as LINK and SOL, eventually begin to trend downwards against ETH. “I think it’s ETH’s turn to finally experience its golden age.”
NEWS CONTINUES BELOW
Koinfinans.com In line with Bluntz’s analysis, another analyst, Inmortal, also reported that Ethereum recorded its highest weekly close in more than a year last week. states. This indicates that Ethereum is experiencing a noticeable price increase in a long-term perspective, which may increase investor confidence.
“This is ETH’s highest weekly close since May 2022, 570 days ago. This is a new macro higher high and a new yearly high. “It’s the kind of thing we don’t see every day.”
Finally, the leading altcoin is trading at $2,201, well above Bluntz’s accumulation range.
You can follow the current price movement here.