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ethereum is trading at $2,500, following a 9% pullback from recent highs after it failed to establish a high above $2,820. This pullback has sparked renewed interest among investors, with prominent analyst and investor Carl Runefelt sharing technical analysis that points to a promising setup for accumulation.
Runefelt highlights a bullish pattern emerging in eth price action, indicating that this pullback could be an excellent opportunity for long-term holders to accumulate more ethereum ahead of a possible rally.
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The next few days will be pivotal for ethereum as the cryptocurrency market closely watches bitcoin's attempt to surpass its all-time highs. If btc were to achieve this feat, it would confirm a new bull run, which would likely bring ethereum.
The crypto community is anxiously waiting to see if ethereum can sustain above $2,400 and eventually surpass the $2,820 resistance, potentially setting the stage for further gains. ethereum's current levels and consolidation phase suggest that a decisive move could soon occur, making this a crucial moment for eth's trajectory in the broader market cycle.
ethereum Lateral Consolidation
ethereum has lagged behind bitcoin and several other altcoins like Solana, which have recently seen stronger price action. This poor performance has caught the attention of both analysts and investors, including prominent analyst Carl Runefelt, who recently shared an in-depth technical analysis on x.
Runefelt highlights ethereum's current formation around an ascending support level, suggesting that the current eth price could present one of the best accumulation opportunities before a possible rally.
Runefelt's analysis points to a crucial ascending support level around $2,450, which has remained stable despite ethereum's pullbacks, maintaining a bullish structure. He emphasizes that if ethereum continues its downward trend, this support could be an attractive entry point for long-term investors looking to accumulate eth while it is relatively undervalued.
The chart formation suggests a possible price bottom that, if buyers intervene, could catalyze a move to higher levels.
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On the upside, ethereum is facing key resistance at $2,800. Runefelt notes that breaking this resistance could trigger a significant upward move, potentially aligning eth with broader market trends if btc hits new all-time highs.
If ethereum successfully surpasses the $2,800 level, it would confirm the bullish pattern and likely fuel an increase in price action. This breakout could indicate that ethereum is ready to catch up with bitcoin and outperform altcoins, creating a more favorable outlook for eth in the broader market landscape.
The next few days will be crucial for ethereum's trajectory as it continues to hold above the ascending support level. Traders and investors are watching closely to see if eth can overcome its recent poor performance and regain its position as the altcoin leader.
eth Technical Details
ethereum is trading at $2,505 after a failed attempt to hold above the 200 4-hour moving average (MA) at $2,530. This drop below the 200 MA has put eth in a precarious position as it seeks new levels of demand to stabilize the recent pullback. The price is approaching a crucial support level, and a drop below this area could trigger a significant correction, adding considerable downside risk to the current ethereum price action.
For ethereum to avoid a deeper decline, it is essential to find support around the $2,450 mark. If buyers step in and manage to hold eth above this level, it would indicate a positive change in momentum. An even stronger bullish indicator would be if eth rebounds and surpasses the $2,550 level, which would help restore confidence in the asset and signal a possible recovery phase.
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Such a move could mark the end of the pullback and position eth for further upside in the coming sessions. However, until the price finds a solid footing, eth will remain vulnerable to further declines, making this a crucial time for the asset's near-term prospects.
Featured image of Dall-E, TradingView chart
