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Ethereum has struggled to regain bullish momentum, leaving altcoin trading at pivotal levels. Ethereum is at the center of attention from investors anticipating a potential rebound in the coming weeks. This optimism has been fueled by expectations that Ethereum’s resurgence could signal the start of the long-awaited alt season and lead to widespread gains across altcoin markets.
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Top analyst Carl Runefelt recently shared a powerful technical analysis on X, highlighting that Ethereum formed a symmetrical triangle pattern within 4 hours. According to Runefelt, this pattern is a classic precursor to a breakout, with a bullish target set above $3,980. This move marks a strong return to upward momentum for Ethereum and will strengthen its position as a leading asset in the cryptocurrency market.
Market participants are closely monitoring this pattern. This is because a confirmed breakout could fuel a broader rally across altcoins. However, Ethereum must first conquer this critical level to solidify its bullish outlook. With the market at a crossroads, the next few weeks will be crucial for Ethereum’s trajectory and its role in sparking the next major growth phase for the cryptocurrency market.
Ethereum prepares for rally
Ethereum remains in a strong position after weeks of consolidation, regaining the $3,000 mark. Currently, ETH is trading within a narrow range, with resistance capped at $3,550. This critical zone has captured the attention of analysts and investors eager for Ethereum to break through and surpass its annual highs, signaling a new round of bullish momentum.
Top analyst Carl Runefelt recently shared a detailed technical analysis of According to Runefelt, this pattern means that a significant price move is likely, although the direction is still uncertain.
He predicts a bullish target of $3,980 if ETH breaks upward from the triangle. This level will reaffirm Ethereum’s strength and inspire confidence among market participants. Conversely, if the pattern breaks downward, Runefelt predicts a retracement to $2,920, marking a significant test of Ethereum’s ability to hold key support levels.
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The coming days are expected to be pivotal days for Ethereum. Because this symmetrical triangle approaches resolution. Whether ETH breaks above resistance or falls to retest support, the outcome will have a significant impact on its short-term direction and long-term outlook. Investors are closely monitoring these moves, waiting for signs of Ethereum’s next big move.
Price Action: Keep an Eye on Key Demand
Ethereum is trading at $3,360, showing resilience after consolidating above the critical $3,300 support level. This area remains a key threshold for bulls looking to maintain momentum and push the price higher. Staying above $3,300 is essential. This is because a violation of this level could trigger a deeper correction, potentially retesting lower support zones and undermining the bullish mood.
On the other hand, if ETH builds a solid base above $3,350, it could pave the way for a quick recovery. A break above the $3,550 resistance level would reignite bullish momentum and allow Ethereum to challenge for a yearly high. This level represents an important psychological and technical milestone and recovery from it signals strength for the market.
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Ethereum’s ability to maintain or break these levels will determine its near-term trajectory. Analysts are optimistic that a rise above $3,550 could lead to a sharp price rise. It reflects renewed confidence in Ethereum’s broader market performance. ETH’s current consolidation above $3,300 signals cautious optimism, with the potential for an explosive move in either direction depending on how this level is defended or broken.
Featured image by Dall-E, chart by TradingView