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The Ethereum price surged 45% in the last week and 8% in the previous 24 hours to trade at $2,682 as of 1:08 a.m. EST on trading volume that soared 20% to $36.5 billion.
This ETH price uptick has seen Ethereum’s market cap surge to $306.68 billion, surpassing both Coca-Cola and Alibaba.
Veteran trader Peter Brandt also highlighted a developing market structure in a recent X post that could pave the way for an Ethereum rally, provided the altcoin breaks through a key “congestion” pattern.
I usually go out of my way to NOT say anything good about $eth
You can call it "hating" — I guess you are right
But, this congestion pattern could support a moon shot pic.twitter.com/vmLm52FaJt— Peter Brandt (@PeterLBrandt) May 9, 2025
Brandt identified a rising wedge formation on the chart, a pattern often considered bearish. However, a breakout above the pattern could propel ETH’s price toward the descending resistance line, targeting a range between $3,800 and $4,800.
Ethereum Price Poised For A Bullish Trend Continuation
The ETH price has recently shown a notable bullish reversal, transitioning from a prolonged downtrend after it broke below the falling channel to a strong upward surge, marked by the formation of a classic rounded bottom pattern.
This rounded bottom signals a gradual shift from bearish to bullish sentiment, typically suggesting a longer-term trend reversal.
The breakout above the falling channel occurred with strong momentum, and the Ethereum price has now approached the critical resistance around the 200-day Simple Moving Average (SMA), currently near $2,702.74, as GeckoTerminal data shows. This level is crucial, as it often acts as a barrier or catalyst for further price movement.
Meanwhile, the 50-day SMA, sitting at $1,846, has been left well behind, confirming the strength of ETH’s recent price rally.
The Relative Strength Index (RSI) is currently at 82.68, placing it deep into overbought territory. This suggests that Ethereum might be overextended in the short term, raising the possibility of a pullback or consolidation. However, overbought conditions in a strong uptrend can persist.
Moreover, the Moving Average Convergence Divergence (MACD) indicator also reflects strong bullish momentum, with the MACD line significantly above the signal line and both trending upward, which reinforces the prevailing bullish trend.
ETH Price Hints At A 46% Surge
As a result of the rounded bottom breakout and continued momentum, the ETH price appears poised for further gains. The chart projects a measured move target of approximately $3,900, indicating a potential upside of around 46% from the breakout zone.
However, due to the overbought RSI, traders should watch for possible short-term corrections before continuation. In this scenario, the Ethereum price could find support around $2,099, which was a previous resistance turned support.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 10X after launch.
Is Best Wallet The Next Crypto To Explode? Presale Races Toward $13 Million
Best Wallet has raised over $12.26 million in presale as it emerges as the top choice for Web3 users demanding security and simplicity.
It provides a seamless way to manage, trade, and store cryptocurrencies without requiring identity verification.
The wallet also features Best DEX, which enables direct crypto trading and integrates with more than 200 other exchanges to find the best swap rates.
It introduces a native presale aggregator and crypto debit card as well, while offering support for more than 60 blockchains.
The Best Wallet Community is on fire right now! 🔥
We’ve hit a record high in participation across our community events and games, with loyal members snapping up top prizes and prestigious roles in our Discord. 🏆
🔹Over 1K participants weekly in our daily rumbles
🔹Over 300 in…— Best Wallet (@BestWalletHQ) May 12, 2025
Among Best Wallet’s many features, one is gaining outsized interest from investors. That is its “Upcoming Tokens” section, which helps users discover promising projects still in the early stages.
Many Best Wallet users already know the accuracy of the “Upcoming Tokens” tab. It has flagged Pepe Unchained (PEPU) and Catslap (SLAP) well before their explosive runs of 700% and 7,000%, respectively.
Investors can also stake BEST tokens for a huge 119% annual return. Currently, BEST tokens are priced at $0.025025.
Those interested should buy before a price hike in around 36 hours.
Check out BEST on its official website.
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