Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation
Ethereum (ETH) is gearing up to enter an explosive bullish phase after decisively breaking above the crucial $3,000 mark. The milestone sparked optimism among traders and investors, signaling that prices could soar to new all-time highs. ETH’s recent price action has shown strong momentum, suggesting that the second-largest cryptocurrency by market capitalization is ready to return to the spotlight.
Renowned analyst and investor Carl Runefelt supports this bullish outlook with compelling technical analysis. Runefelt shared his insights, noting Ethereum’s impressive recovery and growing strength. He stressed that if current momentum continues, the $6,000 milestone could be reached sooner than many expect.
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According to Runefelt, Ethereum’s upward trajectory is supported by increased network activity, rising institutional interest, and wider adoption of smart contract functionality.
Cryptocurrency markets have soared recently, led by Bitcoin hitting all-time highscreating a mature environment for Ethereum to follow. As traders focus on ETH’s potential to outperform other altcoins, all eyes are on whether it can sustain a breakout and push higher. The coming weeks will be crucial as Ethereum will consolidate its position above $3,000, which could pave the way for a rebound that could redefine expectations for this cycle.
Ethereum test supply
Ethereum is on the verge of a major breakout as it approaches its last major supply levels before a Bitcoin-like rally could begin. After regaining local 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 detailed technical analysis on Xhighlighting that Ethereum is ready for a massive bull run. Runefelt emphasized that ETH is mirroring Bitcoin’s recent explosive breakout, suggesting that Ethereum could be next to surge higher.
According to his analysis, this may be the last chance to buy ETH at a relatively low price before the market takes off. Runefelt set an ambitious price target of $6,000, predicting that this level could be achieved once Ethereum breaks out of its final supply zone.
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Ethereum’s potential rebound is supported by technological strength and growing demand for its smart contract platform. As Bitcoin hits new all-time highs, market focus is gradually turning to altcoins, especially Ethereum. If ETH breaks through current resistance, it could trigger a wave of buying pressure, causing the price to surge to unprecedented levels.
ETH testing technology level
Ethereum is currently trading at $3,110, a 12% retracement from recent local highs. Despite the pullback, ETH continues to show resilience, holding above the 200-day moving average (MA) at $2,955. This key demand level is a strong indicator of long-term market strength, suggesting that Ethereum remains in bullish territory despite short-term volatility.
The 200-day EMA is a key support zone and its defense could pave the way for a sharp rebound in the coming days. If ETH remains above this level for the long term, it will 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 breakout and consolidation above this price point would confirm the breakout, allowing ETH to challenge its all-time high (ATH). The move could reignite bullish sentiment and attract fresh buying pressure from investors anticipating further gains.
Featured image from Dall-E, chart from TradingView
