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Ethereum has struggled to regain its bullish momentum, leaving altcoin trading at a pivotal level. Ethereum is at the center of attention among investors who anticipate a potential rally in the coming weeks. This optimism is fueled by hopes that Ethereum’s resurgence could mark the start of a long-awaited Altseason, leading to widespread gains in the altcoin market.
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Analyst Carl Runefelt recently shared compelling technical analysis on X, highlighting Ethereum’s formation of a symmetrical triangle pattern over a 4-hour time frame. According to Runefelt, this pattern is a classic precursor to a breakout, with an upside target set above $3,980. Such a move would signal a strong return to upward momentum for Ethereum, strengthening its position as a leading asset in the crypto market.
Market participants are closely monitoring this trend, as a confirmed breakout could catalyze a broader rally among altcoins. However, Ethereum must first conquer this critical level to solidify its bullish outlook. With the market at a crossroads, the coming weeks will be decisive for Ethereum’s trajectory and its role in sparking the next major phase of crypto market growth.
Ethereum prepares for a rally
Ethereum has reclaimed the $3,000 mark, maintaining a strong position after weeks of consolidation. Currently, ETH is trading in a tight range, capped by resistance at $3,550. This critical zone has attracted the attention of analysts and investors eager to see Ethereum break out and surpass its yearly highs, signaling renewed bullish momentum.
Analyst Carl Runefelt recently shared detailed technical analysis on X, focusing on the symmetrical triangle pattern forming on Ethereum’s 4-hour time frame. According to Runefelt, this trend suggests a high probability of a significant price move, although the direction remains uncertain.
He foresees an upside target of $3,980 if ETH breaks out of the triangle. This level would reaffirm the strength of Ethereum and likely inspire confidence among market participants. Conversely, if the trend deteriorates, Runefelt predicts a retracement to $2,920, which would provide a critical test of Ethereum’s ability to hold key support levels.
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The next few days should be crucial for Ethereum as this symmetrical triangle approaches its resolution. Whether ETH breaks above resistance or drops to retest support, the outcome will have significant implications on its near-term direction and long-term outlook. Investors are closely watching these moves, waiting for signals of Ethereum’s next big move.
Price Action: Keeping an Eye on Key Demand
Ethereum is trading at $3,360, showing resilience after consolidating above the critical support level of $3,300. This zone remains a key threshold for bulls wanting to maintain momentum and push prices higher. It is critical to hold above $3,300 as a breach of this level could trigger a deeper correction that could retest lower support zones and dampen bullish sentiment.
On the other hand, if ETH establishes a strong base above $3,350, it could pave the way for a rapid recovery. A push past the $3,550 resistance mark would likely reignite the bullish momentum, allowing Ethereum to challenge its yearly highs. This level represents an important psychological and technical milestone, and its recovery would be a sign of strength in the market.
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Ethereum’s ability to maintain or exceed these levels will determine its near-term trajectory. Analysts are optimistic that a rise above $3,550 could lead to a rapid price rise. Reflecting renewed confidence in the broader market performance of Ethereum. For now, ETH’s consolidation above $3,300 signals cautious optimism, with the possibility of an explosive move in either direction depending on how these levels are defended or broken.
Featured image of Dall-E, chart by TradingView
