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ethereum (eth) is trading above $2,600 after a 5% pullback from local highs around $2,750. Over the past two weeks, eth has maintained a bullish trajectory, generating optimism throughout the market as investors look for more signs of strength in the price action.
Leading analyst and investor Carl Runefelt recently shared a technical analysis, highlighting that ethereum has broken a bullish pattern that began forming in early August. According to Runefelt, once eth confirms solid demand around its current level, it is only a matter of days before the next rally begins.
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With the broader crypto market gaining momentum, ethereum is positioned to continue rising, and investors are closely watching for confirmation of support at this key level. If eth holds up, the next bullish leg could target higher price zones, adding to the bullish sentiment. The coming days will determine whether ethereum can resume its uptrend and capitalize on the current market strength.
ethereum surpasses $2,600
ethereum has underperformed bitcoin this year, leaving many investors worried as the next bull run approaches. While bitcoin has risen, ethereum has struggled to recover just as strongly. This has sparked concern among eth holders, who expected the second-largest cryptocurrency by market capitalization to lead the charge.
Lead analyst Carl Runefelt recently x.com/TheMoonCarl/status/1848366194467721530″ target=”_blank” rel=”nofollow”>shared a compelling analysis on x. The analysis presents a price chart that reveals ethereum breaking out of a symmetrical triangle on the daily time frame, a classic bullish pattern.
If the price action holds, it could send eth to $3,400, according to Runefelt analysis. This breakout is a key signal for ethereum, but its sustainability depends on whether the price can successfully retest the upper triangle line, which had previously acted as resistance.
ethereum is currently testing support at this critical level, with $2,600 being the line in the sand. A close below $2,600 would invalidate the symmetrical triangle's bullish thesis and could lead to further decline, denting the optimism surrounding eth's future price action.
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However, if ethereum holds above this level, it could mean the breakout is intact, setting the stage for a strong rally as the broader market prepares for a bull run. The next few days will be crucial for eth's trajectory.
Price Action: Technical Levels to Watch
ethereum is at $2,620 after failing to reclaim the 200-day exponential moving average (EMA) at $2,795. The price is testing support around the crucial $2,600 level, which will determine the direction of eth price action in the coming days.
If ethereum holds above this level, the next target would be back above the 1D 200 EMA at $2,800. This is a crucial price zone as it aligns with eth's local high set in late August at $2,820.
A successful break above $2,800 would signal a strong bullish continuation, making a push towards higher levels imminent. However, if eth fails to consolidate above $2,600, the risk of a pullback to areas of lower demand becomes increasingly likely.
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Traders and investors are watching these levels closely as ethereum looks to regain momentum amid broader market uncertainty. The next few days will be critical in determining whether eth continues its uptrend or faces further downward pressure.
Featured image of Dall-E, TradingView chart
