Ethereum (ETH) is poised for a bullish breakout after breaking above the key $3,000 mark. The milestone has fueled optimism among traders and investors, signaling a potential rally to a new record high. ETH’s recent price action has shown strong momentum, suggesting the second-largest cryptocurrency by market capitalization is poised to regain its place in the spotlight.
Renowned analyst and investor Carl Runefelt reinforced this bullish outlook with a compelling technical analysis. Sharing his insights, Runefelt pointed to Ethereum's impressive recovery and growing strength. He emphasized that if the current rally continues, the $6,000 mark could be reached sooner than many expect.
According to Runefelt, Ethereum's upward trajectory is supported by growing network activity, interest from larger institutions, and wider adoption of its smart contract capabilities.
The recent surge in the cryptocurrency market, led by Bitcoin’s new record high, has created an environment ripe for Ethereum to follow. As traders focus on ETH’s potential to outperform other altcoins, all eyes are on whether it can sustain the breakout and move higher. The coming weeks will be crucial as Ethereum consolidates its position above $3,000, potentially paving the way for a bull run that could redefine expectations for this cycle.
Ethereum Test Supply
Ethereum is on the verge of a significant breakout as it approaches its final major supply levels before a potential Bitcoin-like rally. After reclaiming its local highs with strong momentum, Ethereum has attracted the attention of traders and investors looking for the next big move in the cryptocurrency market. Many believe that the current consolidation phase is just the calm before a bull storm.
Runefelt recently shared a detailed technical analysis of X, highlighting Ethereum's readiness for a major bull run. Runefelt emphasized that ETH is mirroring Bitcoin's recent surge, suggesting that Ethereum could be the next bull run.
According to his analysis, this could be the last chance to buy ETH at a relatively low price before the market takes off. Runefelt set an ambitious price target of $6,000, predicting that this level could be reached when Ethereum breaks through its final supply zone.
Ethereum’s potential bull run is being fueled by a combination of technical strength and growing demand for its smart contract platform. With Bitcoin hitting new record highs, the market’s focus is shifting to altcoins, especially Ethereum. If ETH breaks above its current resistance, it could trigger a wave of buying pressure that could send the price soaring to unprecedented levels.
ETH Testing Technical Levels
Ethereum is currently trading at $3,110, after falling 12% from its recent local high. Despite the pullback, ETH continues to show resilience, holding above its 200-day moving average (MA) at $2,955. This key demand level is a strong indicator of long-term market strength and suggests that Ethereum remains in bullish territory despite short-term volatility.
The 200-day MA is acting as a key support zone and its defense could pave the way for a significant rally in the coming days. If ETH sustains its position above this level for an extended period, it will signal renewed bullish momentum and set the stage for a breakout to higher supply zones.
Ethereum’s next major resistance level is $3,450. A successful breakout and consolidation above this price level would confirm the breakout, positioning ETH to challenge its all-time high (ATH). Such a move could reignite bullish sentiment and attract fresh buying pressure from investors anticipating further gains.
