Ethereum Crosses $2,700: Bull Trap or the Start of a Major Rally?

The cryptocurrency market has been on fire over the last few days despite negative news such as the CLARITY Act failure, rising interest rates in the United States, and escalating global geopolitical tensions.

The past 24 hours have delivered even more gains, with Bitcoin (BTC) climbing past $85,000 for the first time since January, while Ethereum (ETH) hit a nine-month high of roughly $2,750.

Many analysts believe the second-largest cryptocurrency is poised for a further rally in the near future, but some describe the current setup as a classic bull trap. Don’t Pop the Champagne Yet?

At first glance, it seems like ETH’s cycle bottom is behind us and might be gearing up for a shift toward a bull run.