High probability of ATH break

Ethereum's monthly chart features a strong engulfing candle, indicating robust bullish momentum. Key support is at $3500, potentially marking the starting point for a new upward move towards the previous all-time high. Continued bullish patterns could lead to a break above the ATH.

6/2/20241 min read

Ethereum monthly chart displaying a strong engulfing candle and key support level at $3500, suggesti
Ethereum monthly chart displaying a strong engulfing candle and key support level at $3500, suggesti

Ethereum on the monthly timeframe shows a strong engulfing candle, confirming the strength of the upward trend with its close. Ethereum has a key support level at $3500. This support level can serve as the starting point for a new upward leg towards the previous all-time high (ATH) after completing its pullback. From a technical analysis perspective, if the $3500 support level holds and bullish patterns continue, there is a high probability of breaking the previous ATH and continuing the upward trend.