All eyes are on Ethereum as the crypto market closely watches Bitcoin's recent surge. Analysts and investors are now cautiously waiting for Ethereum to catch up, with some concerned that ETH's performance this cycle may fall short of expectations.
Ethereum's recent price action has shown strong signs, giving investors confidence that a potential breakout could be imminent. Ethereum is currently trading within a bullish pattern, which if broken, could lead to a major rally in the coming weeks.
With Bitcoin leading the way and the market gaining momentum, ETH is likely to follow, opening up new gains and potentially signaling the start of a strong bull run for the altcoin.
Investors are closely watching for signs that Ethereum will break out of its consolidation and start to rally, as it remains one of the most closely watched assets on the market.
Ethereum is flirting with a bull run
Bitcoin has been on a tear over the past few weeks, leaving investors eager to see Ethereum follow suit. Leading analyst and investor Carl Runefelt shared his technical analysis on X, highlighting the bullish pattern emerging on Ethereum’s 1-hour price chart.
Runefelt's analysis points to an ascending triangle pattern, which is typically a bullish indicator. According to him, if Ethereum breaks out of this pattern, a rapid rally to $2,870 could be imminent.
This price level represents an important target for Ethereum as it signals a strong bullish move and confirms that the altcoin is catching up to Bitcoin's recent performance.
However, there is still a risk that Ethereum could continue to trade sideways if it fails to break the current resistance. In that case, ETH could remain stuck in a consolidation for a longer period of time, which would further disappoint investors who were hoping for a rally.
Despite these risks, market conditions favor a breakout for Ethereum as bullish sentiment builds. Analysts are closely watching, predicting that Ethereum’s bull run could come soon, setting the stage for significant gains.
Price to watch
Ethereum (ETH) is currently trading at $2,624 after three days of volatility and instability. The price recently rallied 10% from $2,400, showing signs of strength, but is now facing important resistance.
For bulls to regain momentum, Ethereum needs to push above the current price and reclaim the 200-day exponential moving average (EMA), which is at $2,800. This significant level would signal that ETH is back on track for further gains, potentially catching up to Bitcoin’s recent gains.
However, if Ethereum fails to clear this important resistance level and reclaim the 200-day EMA, it risks entering a sideways consolidation phase. Failure to hold the current level could lead to a pullback, with support likely around the $2,450 mark.
Traders and investors are closely watching the price action as Ethereum’s next move will determine whether it can break out of its current turbulence or continue to face resistance in the coming days. As the broader cryptocurrency market remains volatile, Ethereum’s ability to hold key levels will be crucial to its short-term outlook.