Ether bulls eye resistance at $3K as the network prepares to undergo 'The Merge'
A new week in the cryptocurrency market has brought more of the same sideways price action that the wider ecosystem has experienced in recent months, as Bitcoin (BTC) continues to hold support near $41,000 while some analysts warn that high inflation and rising interest rates could see the top cryptocurrency fall to $30,000.
On the altcoin front, Ether (ETH) appears to be showing some signs of life as noted by cryptocurrency analyst Willy Woo, who recently tweeted that “Ether [is] setting up to break upwards out of a very long term, 3.5-month bearish trend line.”
Data from Cointelegraph Markets Pro and TradingView shows that the ETH price is now trading above support at $2,900, with bulls looking to make another run at breaking the $3,000 resistance after being firmly rejected at that level over the past few days.
Here’s what several analysts are saying about ETH's near-term outlook and what levels to keep an eye on should the price break to the upside or experience a slide lower.
The coiling nature of the current Ether price action was highlighted by crypto trader and pseudonymous Twitter user "Rager," who posted the following chart and noted that “Ether continues to slowly compress with lower-highs.”
“Currently watching to see if price can push back up $3000, would like to see that as the first level to stay above,” Rager tweeted.
A similar outlook was expressed by crypto trader and pseudonymous Twitter user "Cactus," who posted the following chart noting the importance of a price breakout above the “key trendline” at $2,860 and provided one possible price trajectory moving forward.
Cactus said:
Further insight into the price action at these levels was offered by market analyst and Cointelegraph contributor MIichaël van
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