Ethereum Price Setting For a Big Move – Breakout Or Downturn?
Ethereum faces challenges in resuming bullish momentum, leaving altcoins trading at critical levels. Ethereum is the focus of investors who expect a possible rally in the coming weeks. This optimism is driven by expectations that Ethereum’s recovery could mark the start of the long-awaited altcoin season, bringing widespread gains across the altcoin market.
Related reading
Top analyst Carl Runefelt recently shared a compelling technical analysis of X, highlighting Ethereum forming a symmetrical triangle pattern on the 4-hour time frame. According to Runefelt, this pattern is a classic precursor to a breakout, with bullish targets set above $3,980. The move would mark a strong return to upward momentum for Ethereum, solidifying its position as the leading asset in the cryptocurrency market.
Market participants are keeping a close eye on this pattern as a confirmed breakout could catalyze a broader altcoin rally. However, Ethereum must overcome this critical level first to solidify its bullish outlook. With the market at a crossroads, the coming weeks will be decisive for Ethereum’s trajectory and its role in triggering the next major growth phase of the cryptocurrency market.
Ethereum prepares for rebound
Ethereum has reclaimed the $3,000 mark, maintaining a strong position after weeks of consolidation. Currently, ETH is trading in a tight range with resistance at $3,550. This key area has attracted the attention of analysts and investors who are eager for Ethereum to break out and surpass its yearly high, signaling new bullish momentum.
Top analyst Carl Runefelt recently Shared detailed technical analysis on Xhighlighting the symmetrical triangle pattern formed on Ethereum’s 4-hour timeframe. According to Runefelt, this pattern indicates a high likelihood of significant price movement, although the direction remains uncertain.
He predicted that if ETH breaks out from the triangle upwards, the bullish target will reach $3,980. This level would reaffirm Ethereum’s strength and likely inspire confidence among market participants. Conversely, if the pattern breaks to the downside, Runefelt expects a retracement to $2,920, marking a serious test for Ethereum’s ability to hold key support levels.
Related reading: Solana sees continued capital inflows since 2023 – Liquidity influx bodes well for growth
The next few days are expected to be crucial for Ethereum As this symmetrical triangle approaches its resolution. Whether ETH breaks through resistance or drops to retest support, the outcome will have a significant impact on its short-term direction and long-term outlook. Investors are paying close attention to these developments, waiting for signs of Ethereum’s next big move.
Price Action: Focus on Key Demand
Ethereum is currently trading at $3,360, showing resilience after consolidating above the key support at $3,300. This area remains a key threshold for bulls looking to maintain momentum and push prices higher. Sustaining above $3,300 is crucial as a break above this level could trigger a deeper correction that could retest lower support areas and dampen bullish sentiment.
On the other hand, if ETH establishes a solid base above $3,350, it could pave the way for a quick recovery. A break above the $3,550 resistance could reignite the bullish momentum, putting Ethereum on track to challenge its yearly highs. This level represents an important psychological and technical milestone, and a return to this level would signal strength in the market.
Related reading
Ethereum’s ability to maintain or break above these levels will determine its short-term trajectory. Analysts are optimistic that a rally above $3,550 could lead to a rapid price increase. Reflecting renewed confidence in Ethereum’s broader market performance. Currently, ETH’s consolidation above $3,300 signals cautious optimism, with the potential for explosive moves in either direction depending on how these levels are defended or broken.
Featured image from Dall-E, chart from TradingView
