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ethereum is making another attempt to break through the $4,000 level as it approaches its all-time highs. Despite its strong fundamentals, doubts remain in the market regarding ethereum's performance this cycle, with some expecting it to underperform amid stiff competition from other blockchain ecosystems. However, ethereum's recent price action suggests that it is gaining momentum, keeping investors alert for a possible breakout.
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Top analyst Carl Runefelt recently shared a technical analysis, noting that ethereum has encountered strong resistance near the $4,000 mark and is now consolidating within a symmetrical triangle on the hourly chart. This pattern often precedes a decisive move, leaving traders speculating whether eth will hit new highs or face a temporary pullback.
ethereum's performance at this key level will likely shape market sentiment in the coming weeks. A break above $4,000 could pave the way for a rally towards its all-time high, reviving investor confidence. On the other hand, failure to clear this resistance could validate bearish concerns and lead to a pullback. As eth remains at a critical juncture, all eyes are on its ability to navigate this crucial zone and make the next big move.
ethereum getting ready to move
ethereum has been dealing with significant resistance above the $4,100 level, leaving the market on hold as traders anticipate its next move. With the price consolidating and showing signs of tension, ethereum seems ready to take a decisive step in the coming days. The critical question remains: will it break to the upside or is a pullback imminent?
rune field <a target="_blank" href="https://x.com/TheMoonCarl/status/1867502026004816021″ target=”_blank” rel=”nofollow”>shared his thoughts on xnoting that ethereum is currently trading within a symmetrical triangle on the hourly chart, a pattern known to signal potential breakouts or breakouts. According to Runefelt, the immediate future of ethereum depends on two key levels.
A break above $4,100 would confirm a bullish trajectory, likely propelling eth towards new highs. On the contrary, a fall below $3,675 would indicate bearish sentiment, opening the door for a deeper correction.
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Runefelt emphasizes the importance of these levels and notes that the symmetrical triangle suggests increasing pressure that could soon lead to significant volatility. As ethereum maintains its position near critical resistance, the next few days are shaping up to be pivotal in determining the direction of its market.
Technical levels to follow
ethereum (eth) is currently trading at $3,840 after failing to overcome the critical $4,000 resistance level. While the price remains strong and within the range of this key level, it needs to break above $4,000 to confirm the continuation of its uptrend. Without a decisive breakout, eth risks losing momentum, leaving traders and investors cautious about the next move.
The $4,000 level has proven to be a major psychological and technical barrier for ethereum, and multiple attempts to break it were met with selling pressure. A successful breakout of this resistance would likely pave the way for eth to aim for higher levels, potentially pushing towards the yearly high of $4,100 and higher.
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However, if ethereum fails to overcome this hurdle, the market could retreat towards areas of lower demand. The $3,500 area is emerging as a critical support level that traders are monitoring closely. A drop to this level could provide a solid foundation for a rebound, but losing this support could signal a shift towards bearish sentiment.
Featured image of Dall-E, TradingView chart
