The cryptocurrency market is still influenced by a bullish trend, clearly reflected in the rising prices of Ethereum and PancakeSwap.
Current Ethereum Metrics
Ethereum (ETH) has shown a 16% increase over the past week, reaching a mark above $3,665. Analysts note that the current bullish trend stimulates interest in various altcoins.
PancakeSwap Dynamics and Harmonic Pattern
PancakeSwap (CAKE) increased by 9% today, resulting in a monthly growth of 42%. A harmonic pattern is forming on CAKE’s daily chart, suggesting further growth. From a technical analysis perspective, CAKE is moving towards an important resistance zone.
Forecasts for PancakeSwap
If the current dynamics continue, CAKE’s target may be around $3.59, corresponding to a 23% increase from current levels. To maintain a bullish scenario, CAKE needs to stay above the 50-day moving average near $2.36.
In conclusion, Ethereum and PancakeSwap are at an optimistic stage of their price cycles, which may attract investor interest.
