Ethereum is testing a key resistance level around $2,640, and many analysts believe that breaking this point could trigger a significant price increase. As the entire cryptocurrency market gains momentum, 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 shared a technical analysis highlighting 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 recovery.
With key resistance being tested and gaining momentum, Ethereum’s next step will likely set the tone for its performance in the short and medium term. Investors and analysts are paying attention as the outcome of this resistance battle could determine the direction of Ethereum’s price action in the near future.
Ethereum needs a clean break
Ethereum appears poised for a significant recovery, with price action suggesting a move to new highs. The market is buzzing with excitement as greed builds and bullish momentum consolidates, pushing ETH toward a potential breakout.
After weeks of accumulation, Ethereum is now flirting with exiting a bullish pattern, setting the stage for a possible rally.
Leading analyst and investor Carl Runefelt shared his technical analysis on Xhighlighting that Ethereum needs a clear breakout from its current ascending triangle pattern.
According to Runefelt, the upside target is $2,800, which marks 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 recovery, fueling optimism across the market.
Runefelt also emphasized the importance of this lower-term price action, calling it crucial to 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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With bullish sentiment continuing to grow, traders and investors are watching closely, anticipating whether ETH will finally catch up to Bitcoin’s recent rally and set a course for new highs.
Main Levels to Watch
Ethereum is trading at $2,640 after six days of choppy prices, just below the key resistance level of $2,650. A break above this level is essential for bulls to regain momentum, followed by a recovery from the 200-day exponential moving average (EMA) at $2,797.
However, the risk remains that ETH will not be able to break this resistance, leading to a search for liquidity in areas of lower demand. If the price fails to reach $2,650, a deeper pullback could occur as the market looks 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 recovery.
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In the coming days, Ethereum’s ability to break 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 watching for a decisive move above key resistance to confirm the next phase of the recovery.
Featured image of Dall-E, TradingView chart