Bullish pattern emerging for Ethereum?
According to data from Coingecko, after weeks of consolidation and decline, the price of Ethereum ($ETH) successfully exceeded $2,600 in the past 2 days, rising nearly 7% in a single week, driving the overall altcoin (Altcoin) market to be bullish.
Currently, investors are focused on whether Ethereum ($ETH) can continue to break through the key resistance range. According to technical analysis provided by well-known analyst Carl Runefelt, if Ethereum can successfully break through the key resistance, it will start a new round of bullishness. model, the target will be locked at $3,400.
Ethereum technical analysis: Is a key breakthrough coming?
Carl Runefelt pointed out that the price action of Ethereum ($ETH) this year is obviously slightly weaker compared to Bitcoin ($BTC), but Ethereum has been trading within a bullish triangle since August this year, and the technical indicators show that Signs of an impending breakthrough.
Image Source: Technical Analysis Chart by X Carl Runefelt
However, this situation is likely to be ready to reverse. According to Carl Runefelt’s chart analysis, with the strong market rebound in the past 2 days, Ethereum ($ETH) has broken through the resistance level near $2,500 and is close to the upper trend line of the bullish triangle pattern. , showing bullish momentum, and a successful breakout could lead to a sharp rebound.
Image Source: Technical Analysis Chart by X Carl Runefelt
Ethereum Targets $3,400
Currently, the market’s focus is on whether Ethereum ($ETH) can break above the 200-day moving average (EMA), and Carl Runefelt’s chart shows that if Ethereum ($ETH) can successfully break through $2,806 and close below the 200-day EMA On the upside, the next step will be to target the range high of $3,400, which may drive the overall market into a new bullish stage and form a new round of "altcoin season."
However, Carl Runefelt also warned that if Ethereum ($ETH) fails to break through the resistance level of $2,806, or if there is insufficient upward momentum after the breakthrough, the market may still see a short-term correction. The most interesting support level to watch is at $2,500, and if the price falls below this level, it could trigger a deeper pullback and even drop to $2,300.
Overall, the next few days will be a critical moment for Ethereum ($ETH). Whether this wave of rising momentum can push Ethereum ($ETH) to break through key technical indicators and lead the market into the next bull market stage is all that matters. Investors are paying close attention.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
