Ethereum faces key resistance as analysts flag major market test

Ethereum climbed above $3,400 on Wednesday, marking its first retest of the level in more than a month.

The token gained around six percent on the day after breaking out from its recent $3,000 to $3,300 trading range.

ETH has now closed above a key resistance zone and is attempting to flip the area into support.

“It’s ETH season,”

Analyst Michaël van de Poppe said, arguing that holding above the 21-day moving average is critical for momentum.

He added that Ethereum looks “ready to make new highs and continue the uptrend,” with a potential move towards $3,800.

Trader Daan Crypto Trades said Ethereum is facing a “big test” after months of consolidation.

He noted that ETH must reclaim the $3,350 level, where the 200-day exponential moving average sits.

The analyst said breaking above that level could open the path towards the $3,600 area.

“Ethereum looks better than it has looked in years against both Bitcoin and the US dollar,”

Crypto Jelle said.

He added that ETH’s downtrend versus Bitcoin appears over, positioning the token for a push towards $4,000.

“The biggest ETH rotation in eight years is forming right now,”

Alex Wacy said, pointing to a historical pattern similar to 2018.

Analysts say Ethereum’s recent breakout against Bitcoin could signal a larger move in the months ahead.

At the time of reporting, Ethereum price was $3,364.99.