On Wednesday, the price of Ethereum (ETH) rose above the $2,700 level for the first time in over a week, sparking bullish sentiment among several cryptocurrency analysts. Some have suggested that the second-largest cryptocurrency will soon break the next resistance level and reclaim the $3,000 mark.

Ethereum tests $2,700 again

Ethereum rose above a key resistance level on Wednesday morning, as much of the cryptocurrency market rose. The cryptocurrency rose 3.1% towards the $2,700 horizontal level, reaching $2,722 before recovering to $2,710.

Over the past week, ETH has been oscillating between $2,430 and $2,650 after failing to hold support. These results alarmed many investors and market observers, who sharply criticized the cryptocurrency’s price action throughout the year.

However, today’s jump represents a 5.6% gain on a weekly basis, which has sparked bullish sentiment among the community. CRG cryptocurrency trader excellent that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) on a higher time frame (HTF).

As can be seen from the chart, ETH/BTC is again testing the HTF support at 0.0377. The 0.023-0.040 zone was the key area in 2020-2021, and ETH’s highest-ever rally began after breaking the upper line of this range.

A trader suggested that Ethereum’s rally will be short-lived as the “altcoin king” delivered “disappointing” results despite the approval of spot ETH Exchange Traded Funds (ETFs). “ETH is like a toxic ex-girlfriend that makes you keep coming back to her,” he jokingly stated.

Similarly, cryptocurrency analyst Michaël van de Poppe he noticed that it’s time to be bullish on ETH, which suggests that there is a “huge bullish divergence” on the one-day time horizon of the ETH/BTC chart while “appearing” on the three-day time horizon. Van de Poppe indicated that the 0.051 area is the key zone for trend reversal.

Will ETH reach $3,000 in two weeks?

Various cryptocurrency analysts have pegged the resistance level at $2,800 as the next key zone if Ethereum successfully reclaims the $2,700 mark. Crypto Yapper Analyst he noticed that ETH has registered five consecutive green daily candles since rebounding from last week’s lows.

For the analyst, if ETH breaks through the $2,800 horizontal level, the cryptocurrency will surge towards the $3,000 resistance level and potentially kick off the altcoin season.

Likewise van de Poppe suggested that Ethereum will break above a key horizontal level in the next two weeks as it has reached liquidity at $2,450 and has “returned to resistance.” According to the analyst, this could push the ETH price to $3,000 in November.

ETH was rejected from the resistance level at $2,700, oscillating between the $2,680-$2,690 price range over the past hour. At the time of writing, the cryptocurrency is trading at $2,693, up 1.4% and 3.3% on the daily and monthly time frames.

Nevertheless, it is worth noting that the cryptocurrency market may continue to be highly volatile over the next few days as speculation increases ahead of the US presidential election.

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