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ethereum is testing a key resistance level around $2,640, and many analysts believe that breaking this point could trigger a significant rise in price. As the entire crypto market gains steam, optimism is growing among investors, who are eagerly waiting for ethereum to catch up with bitcoin's recent rally.
The sentiment is positive and traders are watching closely to see if eth will make its move soon. Leading analyst and investor Carl Runefelt has shared a technical analysis that highlights a bullish outlook for ethereum in the coming days. He believes that a successful break above $2,640 could take eth to much higher levels, aligning with the overall market uptrend.
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As the market strengthens, next week will be crucial, not just for ethereum but the entire crypto space, as investors prepare for what could be the start of a new rally.
With key resistance tested and momentum generated, ethereum's next move will likely set the tone for its performance in the short and medium term. Investors and analysts are watching closely as the outcome of this resistance battle could determine the direction of ethereum price action in the near future.
ethereum needs a clean break
ethereum appears poised for a significant rally, and the price action suggests a move towards new highs. The market is abuzz as greed increases and bullish momentum takes hold, pushing eth towards a possible breakout.
After weeks of accumulation, ethereum is now flirting with breaking out of a bullish pattern, setting the stage for a potential rally.
Leading analyst and investor Carl Runefelt has x.com/TheMoonCarl/status/1847547971446952099″ target=”_blank” rel=”nofollow”>shared his technical analysis on xhighlighting that ethereum needs a clean breakout of its current ascending triangle pattern.
According to Runefelt, the bullish target is $2,800, marking the last major resistance level of the two-month accumulation phase that eth has experienced. A successful breakout of this key structure would signal the start of a potential rally, fueling optimism across the market.
Runefelt also emphasized the importance of this price action on a lower time frame, calling it crucial for ethereum's long-term development. Breaking above $2,800 could open the door to even higher levels, aligning eth with the broader bullish sentiment seen across the crypto market.
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As bullish sentiment continues to grow, traders and investors are watching closely, anticipating whether eth will finally catch up to bitcoin's recent rally and set a course toward new highs.
Key levels to consider
ethereum is trading at $2,640 after six days of choppy price action, just below the key resistance level of $2,650. A break above this level is essential for the bulls to regain momentum, followed by a recovery of the 200-day EMA at $2,797.
However, there remains a risk that eth will not be able to overcome this resistance, which would lead to a search for liquidity in areas of lower demand. If the price fails to break above $2,650, a deeper pullback could occur as the market searches for support.
Despite this risk, as long as ethereum remains above the $2,500 mark, the broader bullish outlook will remain intact, giving hope to investors hoping for an eventual rally.
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In the coming days, ethereum's ability to break through these resistance levels will be crucial in determining whether it will continue its upward trajectory or face a temporary setback. The market remains cautiously optimistic, with traders closely watching a decisive move above key resistance to confirm the next phase of the rally.
Featured image of Dall-E, TradingView chart
