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All eyes are on ethereum as the cryptocurrency market closely watches bitcoin's recent surge. Analysts and investors are now cautiously waiting for ethereum to catch up, with some fearing that eth's performance in this cycle will not live up to expectations.
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ethereum's recent price action has shown signs of strength, giving investors confidence that a potential breakout could be near. ethereum is currently trading within a bullish pattern that, if broken, could lead to a massive rally in the coming weeks.
With bitcoin leading the way and building market momentum, eth could be poised to follow, unlocking new gains and potentially signaling the start of a powerful rally for the altcoin.
Investors are watching for signs that ethereum will break free from its consolidation and begin to rise as it remains one of the most closely monitored assets in the market.
ethereum flirting with a surge
In recent weeks, bitcoin has surged, leaving investors eagerly waiting for ethereum to do the same. Leading analyst and investor Carl Runefelt has x.com/TheMoonCarl/status/1846951943966515425″ target=”_blank” rel=”nofollow”>shared his technical analysis on xhighlighting a bullish pattern emerging on ethereum's 1-hour price chart.
Runefelt's analysis points to the formation of an ascending triangle, which is generally a bullish indicator. According to him, if ethereum manages to overcome this pattern, a rapid rise to $2,870 could be imminent.
This price level represents a key target for ethereum as it indicates a strong bullish move and confirms that the altcoin is catching up to bitcoin's recent performance.
However, there are still risks that ethereum could continue trading sideways if it fails to break above the current resistance level. In that case, eth could remain stuck in consolidation for a longer period, causing further frustration among investors hoping for a rally.
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Despite these risks, market conditions favor ethereum's potential breakout as bullish sentiment grows. Analysts are watching closely, anticipating that ethereum's momentum could arrive soon, setting the stage for significant gains.
Price levels to take into account
ethereum (eth) is currently trading at $2,624 after three days of uncertainty and volatility. The price recently rose 10% from the $2,400 area, showing signs of strength, but now faces a crucial resistance level.
For the bulls to regain momentum, ethereum needs to break above the current price and reclaim the 200-day exponential moving average (EMA), which is $2,800. This significant level would indicate that eth is again on track to continue rising, potentially catching up with bitcoin's recent gains.
However, if ethereum fails to overcome this key resistance and reclaim the 200-day EMA, it risks entering a sideways consolidation phase. Failure to hold current levels could lead to a pullback, with support likely around the $2,450 mark.
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Traders and investors are watching the price action closely as ethereum's next move will determine whether it can break free from its current uncertainty or continue to face resistance in the coming days. With the broader crypto market remaining volatile, ethereum's ability to maintain key levels will be critical to its near-term prospects.
Featured image of Dall-E, TradingView chart
