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ethereum has faced challenges in regaining its bullish momentum, leaving altcoin trading at a fundamental level. ethereum is in the focus of investors anticipating a possible rally in the coming weeks. This optimism is fueled by expectations that ethereum's resurgence could usher in a long-awaited alt season, generating widespread gains across the altcoin market.
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Prominent analyst Carl Runefelt recently shared compelling technical analysis on x, highlighting ethereum's formation of a symmetrical triangle pattern on the 4-hour time frame. According to Runefelt, this pattern is a classic precursor to a breakout, with an upside target set above $3,980. Such a move would signal a strong return to bullish momentum for ethereum, reinforcing its position as a leading asset in the crypto market.
Market participants are closely monitoring this pattern as a confirmed breakout could catalyze a broader rally in altcoins. However, ethereum must first conquer this critical level to solidify its bullish outlook. With the market at a crossroads, the coming weeks will be decisive for the trajectory of ethereum and its role in triggering the next major phase of growth in the cryptocurrency market.
ethereum prepares for a rally
ethereum has regained the $3,000 mark, maintaining a strong position after weeks of consolidation. Currently, eth is trading within a tight range, capped by resistance at $3,550. This critical zone has caught the attention of analysts and investors eager for ethereum to break and surpass its yearly highs, signaling renewed bullish momentum.
Lead analyst Carl Runefelt recently <a target="_blank" href="https://x.com/TheMoonCarl/status/1872211617582047348″ target=”_blank” rel=”nofollow”>shared a detailed technical analysis on xemphasizing the symmetrical triangle pattern forming on ethereum's 4-hour time frame. According to Runefelt, this pattern suggests a high probability of a significant price movement, although the direction remains uncertain.
Forecasts a bullish target of $3,980 if eth breaks up from the triangle. This level would reaffirm ethereum's strength and likely inspire confidence among market participants. Conversely, if the pattern breaks to the downside, Runefelt predicts a pullback to $2,920, marking a critical test of ethereum's ability to hold key support levels.
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The next few days are expected to be pivotal for ethereum as this symmetrical triangle approaches resolution. Whether eth breaks through resistance or falls to retest support, the outcome will have significant implications for its near-term direction and long-term prospects. Investors are closely watching these moves, waiting for signs of ethereum's next big move.
Price action: keep an eye on key demand
ethereum is trading at $3,360, showing resistance after consolidating above the critical support level of $3,300. This zone remains a key threshold for bulls looking to maintain momentum and push prices higher. Holding above $3,300 is essential as a breach of this level could trigger a deeper correction, potentially retesting lower support zones and curbing bullish sentiment.
On the other hand, if eth establishes a solid base above $3,350, it could pave the way for a quick recovery. A push past the $3,550 resistance mark would likely reignite bullish momentum, setting ethereum up to challenge its yearly highs. This level represents an important psychological and technical milestone, and recovering it would indicate strength in the market.
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ethereum's ability to hold or break these levels will determine its near-term trajectory. Analysts are optimistic that a rally above $3,550 could lead to rapid price gains. Reflecting renewed confidence in the performance of the broader ethereum market. For now, eth's consolidation above $3,300 indicates cautious optimism, with the potential for an explosive move in either direction depending on how these levels are defended or broken.
Featured image of Dall-E, TradingView chart
