The cryptocurrency market is currently experiencing a bullish phase as Ethereum exceeds $4,300 for the first time since 2021. This 20% weekly surge has boosted the sector's sentiment and focused attention on major altcoins, including LayerZero (ZRO).
Ethereum Surpasses $4,300
The cryptocurrency market is enjoying a strong bullish trend, with Ethereum recently breaking above the $4,300 mark. This event marked a 20% weekly rise, triggering positive dynamics in the sector, including altcoins.
Technical Analysis of ZRO and Harmonic Patterns
LayerZero (ZRO) has achieved a 21% daily gain, boosting its weekly increase to 38%. Chart analysis indicates that ZRO is forming a bearish Gartley pattern, which may foreshadow further upside ahead of a trend reversal. On the daily chart, ZRO shows a movement from point X at $3.332 to point C at around $1.638, followed by a strong rebound to $2.41, firmly above the 100-day moving average ($2.18), which has now turned into a support level.
Outlook for ZRO in the Near Future
If ZRO can break above the 200-day moving average ($2.46), it may pave the way for potential growth within the $2.93 to $3.33 range. However, failure to do so might invite a pullback towards the 100-day moving average at $2.18 before bulls attempt to regain their upward momentum.
The situation in the cryptocurrency market remains volatile, yet current trends indicate positive prospects for both Ethereum and LayerZero. Investors should keep a close eye on market movements and take into account technical patterns.
