Ethereum Stays Within Symmetrical Pattern – Analyst Sets ETH Target
Ethereum (ETH) is currently trading around $3,400, showing signs of indecision as it failed to establish strong support above this key level. Recent price action reflects a lack of confidence among traders, leaving the market in a state of instability. Despite this uncertainty, Ethereum has managed to hold on to key support areas, which could serve as a springboard for a potential rally to new highs.
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Top cryptocurrency analyst Carl Runefelt recently provided technical insights on Ethereum price action, noting that Ethereum remained within a 4-hour symmetrical triangle pattern over the weekend. This pattern usually signals consolidation, with the potential for a breakout in either direction. While Ethereum’s current positioning makes bulls hopeful, it also highlights the importance of maintaining these key levels to prevent further downward pressure.
The market appears to be at a critical juncture as traders and investors keep a close eye on Ethereum’s next move. A decisive break above $3,400 could spark fresh momentum, while a loss of support could lead to a deeper pullback. at present, Ethereum’s resilience is at critical levels A bullish reversal remains a possibility, but confirmation of clear direction remains elusive.
Ethereum tests liquidity
After weeks of lackluster price action and an extended period of sideways trading, Ethereum appears poised to take decisive action. The burning question remains: Will the breakout be to the upside or to the downside?
Renowned cryptocurrency analyst Carl Runefelt recently Shared his insights about Xshowing that ETH has remained within a 4-hour symmetrical triangle pattern over the weekend. This technical setup usually signals a build-up of momentum, with the potential for a major breakout in either direction. However, Ethereum’s movements are closely tied to Bitcoin’s performance, making Bitcoin’s next move a key factor.
Runefelt sets clear goals for Ethereum based on Bitcoin’s behavior. If Bitcoin gains upward momentum, ETH may follow suit and push towards higher supply zones with a bullish target of $3,900. On the other hand, a bearish move in BTC could drag ETH lower with the next key support level at $2,920.
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Market participants are now bracing for a potential spike in volatility as Ethereum price consolidates within a triangle. The next few days will be critical, as a confirmed breakout could set the tone for ETH’s price action in the coming weeks. Whether it rebounds to new highs or drops to retest lower support, Ethereum is at a critical crossroads.
Technical level to pay attention to
Ethereum is currently trading at $3,400 after days of trading between $3,300 and $3,500, reflecting market indecision. The tight trading range highlights the growing tug-of-war between bulls and bears, with both sides waiting for clear signals on their next move.
To regain control of the bullish momentum, ETH needs to reclaim the $3,550 level and establish it as solid support. Doing so could trigger a rally toward higher resistance areas and potentially set the stage for a larger breakout. However, downside risks remain. Losing the $3,300 support would see Ethereum drop to sub-$3,000 levels, a scenario that could trigger further selling pressure and dampen market sentiment.
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The coming days will be crucial for Ethereum as traders keep a close eye on price action near these key levels. Many analysts expect major moves to be imminent as uncertainty adds to an already cautious market sentiment.
Whether ETH breaks through resistance or falls into a deeper correction will largely depend on broader market dynamics, including Bitcoin’s performance and macroeconomic trends. For now, Ethereum’s indecision reflects that the market is at a crossroads, leaving participants hungry for clear answers.
Featured image from Dall-E, chart from TradingView
