Ethereum has faced challenges in regaining its bullish momentum, leaving altcoin trading at a significant level. Ethereum is the focus of investors' attention who are anticipating a possible rally in the coming weeks. This optimism is fueled by expectations that Ethereum's revival could mark the start of the long-awaited Altseason, bringing widespread gains across the altcoin market.
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Leading analyst Carl Runefelt recently shared a strong technical analysis of X, highlighting how Ethereum formed a symmetrical triangle pattern in the 4-hour period. According to Runefelt, this pattern is a classic precursor to a breakout, with a bullish target set above $3,980. Such a move would mark a strong return to upward momentum for Ethereum, cementing its position as a leading asset in the crypto market.
Market participants will be watching this pattern closely, as a confirmed breakout could trigger a broader rally across altcoins. But, Ethereum needs to conquer this critical phase first to reinforce his bullish view. With the market at a crossroads, the coming weeks will be decisive for Ethereum's path and its role in fueling the next big step of growth in the crypto 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, limited by resistance at $3,550. This critical area has caught the attention of analysts and investors who like Ethereum to break out and surpass its yearly highs, signaling a new bullish trend.
Senior analyst Carl Runefelt recently share a detailed technical analysis of Xemphasizing the symmetrical triangle pattern forming on Ethereum's 4-hour timeframe. According to Runefelt, this pattern indicates a high probability of a large price move, although the direction remains uncertain.
He predicts a bullish target of $3,980 if ETH breaks up from the triangle. This level would reaffirm Ethereum's strength and apparently boost confidence among market participants. On the other hand, if the pattern breaks down, Runefelt predicts a move to $2,920, marking a critical test of Ethereum's ability to hold key support levels.
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The coming days are expected to be the focus of Ethereum because this symmetrical triangle is approaching its resolution. Whether ETH rises against past resistance or declines to reconfirm support, the outcome will have a major impact on its short-term direction and long-term outlook. Investors are closely monitoring these movements, waiting for signs of Ethereum's next big move.
Price Action: Tracking key demand
Ethereum is trading at $3,360, showing resilience after consolidating above the critical $3,300 support level. This area remains a key threshold for bulls aiming to maintain momentum and push prices higher. It is essential to hold above $3,300, as a break of this level could trigger a deeper correction, which could reconfirm lower support zones and reduce bullish sentiment.
On the flip side, if ETH establishes a strong base above $3,350, it could pave the way for a quick recovery. A push beyond the $3,550 resistance mark would likely renew a bullish trend, positioning Ethereum to challenge its yearly highs. This level represents an important psychological and technical milestone, and regaining it would indicate strength in the market.
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Ethereum's ability to hold or break these levels will determine its short-term direction. Analysts are optimistic that a rally above $3,550 could lead to quick price gains. Reflecting renewed confidence in Ethereum's broader market performance. 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 breached.
Featured image from Dall-E, chart from TradingView
