ETH Price Gains 5%, This Breakout Could Spark a Bull Run

Ethereum (ETH), the world’s second-largest cryptocurrency, is making a strong recovery in the market, gaining more than 5% and breaking through the $3,100 level. After facing strong selling pressure for several weeks, ETH bulls are once again on the hook after the U.S. Securities and Exchange Commission (SEC) decided to approve a spot Ethereum ETF a week later.

Ethereum (ETH) Price Breakout

The Ethereum (ETH) price is currently trading at around $3,087. It recently broke out of a descending wedge pattern on the daily chart. If the price successfully closes above this breakout level, we can expect bullish momentum for Ethereum as descending wedge patterns are generally bullish indicators.

While Ethereum continues to experience persistent selling pressure, popular market analyst Michael van de Poppe believes that Ethereum could be preparing for a strong rally. “The coming weeks will be important for Ethereum, with the entire ecosystem and market being very negative,” he wrote.

Cryptocurrency exchange Coinbase said in its latest research note published last Wednesday that Ethereum’s rally could surprise investors. Ethereum could see an unexpected rally in the coming months. ” the report states, stressing that the cryptocurrency lacks “significant supply-side pressures” such as token unlocking or mining machine sales $ETH