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ethereum (eth) is gearing up for an explosive bull phase after decisively surpassing the crucial $3,000 mark. This milestone has fueled optimism among traders and investors, indicating a possible rise towards new all-time highs. eth's recent price action demonstrates strong momentum, suggesting that the second-largest cryptocurrency by market capitalization is ready to reclaim its place in the spotlight.
Renowned analyst and investor Carl Runefelt has reinforced this bullish outlook with compelling technical analysis. Sharing his insights, Runefelt pointed out the impressive recovery and growing strength of ethereum. He stressed that if the current momentum continues, the $6,000 milestone could be within reach sooner than many expect.
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According to Runefelt, ethereum's upward trajectory is supported by growing network activity, increased institutional interest, and broader adoption of its smart contract capabilities.
The recent rally in the cryptocurrency market, led by bitcoin's new all-time highs, has created a conducive environment for ethereum to follow suit. While traders focus on eth's potential to outperform other altcoins, all eyes are on whether it can sustain its breakout and rally higher. The coming weeks will be crucial as ethereum consolidates its position above $3,000, which could pave the way for a rally that could redefine expectations for this cycle.
ethereum Proof Supply
ethereum is on the verge of a significant breakout as it approaches the last major supply levels before potentially embarking on a bitcoin-like rally. After reclaiming its local highs with strong momentum, ethereum has caught 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 bullish storm.
<a target="_blank" href="https://x.com/TheMoonCarl/status/1857604618999500981/photo/1″ target=”_blank” rel=”nofollow”>Runefelt recently shared a detailed technical analysis on xhighlighting ethereum's readiness for a massive bull run. Runefelt emphasized that eth is mirroring bitcoin's recent explosive breakout, suggesting that ethereum could be next to rise.
Based on their analysis, this may be the last opportunity to buy eth at relatively low prices before the market takes off. Runefelt set an ambitious price target of $6,000, predicting that this level will be achievable once ethereum surpasses its final supply zones.
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ethereum's potential rally is supported by a combination of technical strength and growing demand for its smart contract platform. With bitcoin setting new all-time highs, the market focus is gradually shifting towards altcoins, particularly ethereum. If eth breaks above its current resistance, it could trigger a wave of buying pressure that causes prices to soar to unprecedented levels.
eth Testing Technical Levels
ethereum is currently trading at $3,110, following a 12% pullback from its recent local highs. Despite the pullback, eth continues to show resistance, holding firmly above the 200-day moving average (MA) at $2,955. This key level of demand is a strong indicator of long-term market strength and suggests ethereum remains in bullish territory despite near-term volatility.
The 200-day MA serves as a critical support zone and its defense could pave the way for a significant rally in the coming days. If eth maintains its position above this level for an extended period, it would signal renewed bullish momentum and set the stage for a breakout into areas of higher supply.
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The next major resistance level for ethereum is at $3,450. A successful breakout and consolidation above this price would confirm a breakout, positioning eth to challenge its all-time high (ATH). Such a move could reignite bullish sentiment and attract new buying pressure from investors anticipating higher gains.
Featured image of Dall-E, TradingView chart
