Ethereum Charts Show Possible Breakout Following Consolidation

Since November 12, when it reached $4,446, Ethereum (ETH) has consolidated. Ethereum has failed to regain its annual highs despite Bitcoin's remarkable climb. ETH's price behavior shows hesitation as it struggles to break through key resistance levels that might revive bullish optimism.

Ethereum behind Bitcoin in performance, but some believe it might breakthrough. Famous crypto researcher Carl Runefelt recently presented a technical analysis predicting ETH is about to make a big move.

Ethereum needs break over a critical barrier level to rejoin the market's positive trend, according to Runefelt.

Ethereum, the second-largest cryptocurrency by market size, will be eagerly watched by traders and investors. A breach over resistance might initiate a fresh uptrend, but protracted consolidation may test market players' patience. Ethereum's price movement in the next days will likely set the tone for its performance in the weeks ahead as technical signs align and speculation builds.

Some traders are upset by the extended consolidation, while others predict Ethereum will rise once it clears important supply levels.


A significant percentage rise from present pricing would excite investors. FOMO may boost purchasing, producing a self-reinforcing price cycle. If Ethereum maintains this trajectory, it would confirm the bullish flag breakthrough and herald its return to crypto market dominance.

Following days of sideways retracement below its local high of $3,446, Ethereum is around $3,120. Even if momentum has slowed, ETH has risen over the 200-day moving average (MA), presently $2,957, and maintained its position.

The 200-day MA generally separates bullish and negative movements. Ethereum staying above it indicates strong buyer support and market confidence. If ETH holds this level, it might go bullish, targeting the local peak around $3,446.

ETH might reach annual highs around $4,000 if it breaks this barrier level, reviving traders and investors.

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