After the recent market results, Ethereum (ETH) tried to break out of the bullish formation. Some analysts believe the cryptocurrency is gearing up to catch up with Bitcoin and target March highs.

Etherum is preparing for the BTC challenge

Ethereum successfully reclaimed the $2,500 support zone this week following recent market performance. The second-largest cryptocurrency by market capitalization has surged 8.6% over the past seven days, moving from the $2,300-2,400 range to the $2,600 level.

Over the last 24 hours, ETH has retested the $2,600 resistance level, currently holding it as support as it tries to reclaim the $2,700 price range. This zone is another key level, as the cryptocurrency has not managed to break above it for almost three months.

Market analyst CryptoWolf pointed out that Ethereum was rejected from a local peak twice around this level since the August market crash, making it the next large resistance to break.

However, once the zone clears, the ETH price is “heading straight to 3,500” as the analyst believes the $3,000 mark “will have no chance.” Likewise cryptocurrency analyst Alex Clay suggested that the Altcoin king will soon “catch up with BTC” and rise to $3,500.

The analyst believes that Ethereum has completed local accumulation in the $2,100-$2,700 range and is “poised to reverse its near-term trend to bullishness.” Other market observers also suggested that the market is near the bottom after the sideways moves, based on the ETH/BTC chart.

Tony’s research he stated that the chart “suggests that altcoins are currently cheap compared to Bitcoin. An increase in this chart will have a positive impact on altcoins and their prices.” As noted by the investor, altcoins could see significant growth in the first quarter of 2025 as the fourth quarter has historically been the best time for Bitcoin growth.

ETH is trying to break out of the bullish pattern

Crypto Yapper Analyst excellent that Ethereum is trying to break out of a consolidating formation. The cryptocurrency was in a three-month symmetrical triangle pattern and tried to break above the upper trendline on Tuesday.

Yesterday, ETH briefly rose above the trend line after reaching $2,688, but quickly returned to $2,550. On Wednesday, Ethereum tried to break out again from the upper symmetrical triangle trend line, rising above $2,630 before settling near the $2,600 support zone.

The analyst believes Ethereum will target $2,900 next if it breaks out of this pattern. A rebound from this level could push the ETH price to March highs as the $2,900-$3,000 price range was a key support zone during the first leg of the rally.

Meanwhile, seasonal trader Peter Brandt recently highlighted a head and shoulders (H&S) reversal pattern on the ETH chart. The trader signaled that an H&S bottom was forming, also suggesting that a massive breakout may be imminent.

At the time of writing, ETH is trading at $2,612, up 1% on the daily time frame.

Featured image from Unsplash.com, chart from TradingView.com