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Ethereum (ETH) is preparing for an explosive bullish phase after breaking the critical $3,000 mark. The milestone sparked optimism among traders and investors, signaling a potential surge to all-time highs. ETH’s recent price action shows strong momentum, suggesting that the second-largest cryptocurrency by market capitalization is ready to step back into the spotlight.
Renowned analyst and investor Carl Runefelt supports this optimistic view with compelling technical analysis. Runefelt shared his insights, pointing out Ethereum’s impressive recovery and growing power. He emphasized that if the current momentum continues, the $6,000 target could be reached sooner than many expect.
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According to Runefelt, Ethereum’s upward trajectory is supported by increased network activity, heightened institutional interest, and widespread adoption of smart contract features.
The recent surge in the cryptocurrency market, driven by Bitcoin’s new all-time high, has created an environment for Ethereum to follow suit. As traders focus on ETH’s potential to outperform other altcoins, all eyes are on whether ETH can sustain the breakout and move higher. The next few weeks will be critical as Ethereum solidifies its position above $3,000 and paves the way for a rally that could potentially redefine expectations for this cycle.
Ethereum test supply
Ethereum is headed for a significant breakout as it approaches its last major supply level before potentially embarking on a Bitcoin-like rally. After regaining regional highs with strong momentum, Ethereum has captured the attention of traders and investors looking for the next big move in the cryptocurrency market. Many believe that the current consolidation phase is just the calm before the bullish storm.
Runefelt recently shared a detailed technical analysis of X, highlighting Ethereum’s readiness for a major bull market. Runefelt emphasized that ETH is mirroring Bitcoin’s recent explosive breakout, suggesting that Ethereum could surge.
According to his analysis, this may be the last opportunity to buy ETH at a relatively low price before the market opens. Runefelt has set an ambitious price target of $6,000, predicting that this level could be achieved if Ethereum breaks through its final supply zone.
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Ethereum’s potential upside is supported by a combination of technological strength and growing demand for smart contract platforms. With Bitcoin hitting record highs, the market’s focus is gradually shifting to altcoins, especially Ethereum. If ETH breaks through its current resistance level, it could trigger a wave of buying pressure that could send the price soaring to unprecedented levels.
ETH test skill level
Ethereum is currently trading at $3,110 after a 12% retracement from recent local highs. Despite the decline, ETH continues to show resilience, remaining firmly above the 200-day moving average (MA) of $2,955. This key demand level is a strong indicator of long-term market strength and suggests that Ethereum remains in bullish territory despite near-term volatility.
The 200-day MA serves as an important support zone, and its defense could pave the way for a significant rally in the coming days. If ETH remains positioned above this level for an extended period of time, it would signal renewed bullish momentum and set the stage for a breakout into higher supply areas.
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The next major resistance level for Ethereum is $3,450. A successful breach and consolidation above this price range would confirm a breakout and put ETH in a position to challenge the all-time high (ATH). Such a move could reignite bullish sentiment and create new buying pressure from investors hoping for further upside.
Featured image by Dall-E, chart by TradingView