Ethereum (ETH) saw an increase in price on Monday, trading around $2,120 as buyers looked for a first green candle in three days. The top altcoin has the potential to reach a key resistance level at $2,150, according to crypto analyst Michael van de Poppe. He suggests that if a breakout happens, ETH price could jump to between $3,100 and $3,600.
The potential catalyst for the market is the approval of a spot Bitcoin ETF in the U.S. The window of potential approval is open until November 17. Van de Poppe shared a price chart for Ethereum showing an ascending triangle pattern, which signals a potential bullish breakout. The chart marks two resistance zones at $2,150 and $3,600.
The prediction forecasts a 44%-67% price jump for Ethereum if bulls break higher. Van de Poppe wrote: “Ethereum faces the final resistance. Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of Bitcoin. If it breaks, then we’re likely seeing a run towards $3,100-3,600.”
Ether was trading around $2,093 on Monday evening, 2.4% up in the past 24 hours. The cryptocurrency’s value shows an 11% and 35% surge in the past week and 30 days respectively.