Ethereum Tests Multi-Year Resistance as Breakout Optimism Grows

Ethereum (ETH) is retesting a multi-year resistance zone for the third time after holding its long-term accumulation support, according to pseudonymous analyst Crypto Patel.

Crypto Patel notes that Ethereum flashed a similar setup in 2020 before rallying to its cycle high close to $5,000. He believes a breakout could open the path toward higher prices, specifically targeting $15,000 ETH.

Fundstrat's Tom Lee shares Crypto Patel's optimism, saying he believes Ethereum 'is the future settlement rails for Wall Street and AI.' Lee also thinks that Ethereum could spark a rally that will trigger sidelined investors to jump in.

However, another analyst, Credible, is slightly more cautious. They believe ETH could witness a slight correction below $2,500 before surging to $2,800.