Ethereum Forming A Symmetrical Pattern – Key Resistance At $4,100
As Ethereum approaches all-time highs, it is making another attempt to break above the $4,000 level. Despite strong fundamentals, the market remains skeptical about Ethereum’s performance this cycle, with some expecting it to underperform amid fierce competition from other blockchain ecosystems. However, Ethereum’s recent price action suggests it is gathering momentum, keeping investors wary of a potential breakout.
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Top analyst Carl Runefelt recently shared a technical analysis stating that Ethereum has encountered strong resistance near the $4,000 mark and is currently consolidating within a symmetrical triangle on the hourly chart. This pattern often precedes a decisive move, leaving traders speculating on whether ETH will break out to new highs or face a temporary pullback.
Ethereum’s performance at this key level It could affect market sentiment in the coming weeks. A break above $4,000 could pave the way for a rebound to all-time highs and reignite investor confidence. On the other hand, failure to clear this resistance could validate bearish concerns and lead to a pullback. With ETH still at a critical juncture, all eyes are on whether it can navigate this critical area and make its next big move.
Ethereum prepares for migration
Ethereum has been struggling with significant resistance above $4,100, keeping the market in suspense as traders predict its next move. Ethereum appears poised to make decisive moves in the coming days as price consolidates and shows signs of nervousness. The key question remains: will it break higher, or is a pullback imminent?
runefield Shares his insights about Xnoted that Ethereum is currently trading within a symmetrical triangle on the hourly chart — a pattern known for signaling a potential breakout or breakdown. According to Runefelt, Ethereum’s near-term future depends on two key aspects.
A break above $4,100 would confirm the bullish trajectory and could propel ETH to new highs. Conversely, a break below $3,675 would signal bearish sentiment, opening the door for further pullbacks.
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Runefeldt emphasized the importance of these levels, noting that the symmetrical triangle indicates increasing pressure that could soon lead to large moves. As Ethereum remains near key resistance levels, the coming days will be key in determining its market direction.
Technical level worthy of attention
Ethereum (ETH) is currently trading at $3,840 after failing to break through the key resistance at $4,000. While the price remains firm and within range of this key level, a break above $4,000 is needed to confirm the continuation of its uptrend. Without a decisive breakout, ETH risks losing momentum, making traders and investors cautious about its next move.
The $4,000 level has proven to be a significant psychological and technical hurdle for Ethereum, with multiple attempts above it met with selling pressure. A successful break above this resistance could pave the way for ETH to target higher levels, potentially towards yearly highs of $4,100 and above.
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However, if Ethereum fails to overcome this hurdle, the market may retrace to an area of lower demand. The $3,500 area is emerging as a key support level that traders are keeping a close eye on. A drop to this level could provide a solid base for a rebound, but losing this support could signal a shift in bearish sentiment.
Featured image from Dall-E, chart from TradingView
