This article is available in Spanish.
Ethereum (ETH) is trading above $2,600, following a 5% recovery from local highs around $2,750. Over the past two weeks, ETH has continued a bullish trajectory, fueling optimism in the market as investors look for further signs of strength in the price action.
Top analyst and investor Carl Runefelt recently shared a technical analysis, highlighting that Ethereum has broken the bullish pattern that started to form in early August. According to Runefelt, once ETH confirms solid demand around current levels, it will only be a matter of days before the next rally kicks off.
Related reading
With the broader crypto market gaining momentum, Ethereum is positioned to continue rising, and investors are closely watching for confirmation of support at this key level. If ETH holds, the next move higher could target higher price zones, adding to the bullish sentiment. The coming days will determine whether Ethereum can resume its uptrend and benefit from continued market strength.
Ethereum rises above $2,600
Ethereum has underperformed compared to Bitcoin this year, leaving many investors concerned as the next bull run approaches. While Bitcoin has soared, Ethereum has struggled to recover with the same strength. This has raised concerns among ETH holders, who expected the second-largest cryptocurrency by market capitalization to take the lead.
Top analyst Carl Runefelt recently shared a compelling analysis about X. The analysis includes a price chart showing Ethereum breaking out of a symmetrical triangle on the daily time frame – a classic bullish pattern.
If the price action continues, it could send ETH to $3,400, according to Runefelt’s analysis. This breakout is an important signal for Ethereum, but its sustainability depends on whether the price can successfully retest the upper triangle line, which previously acted as resistance.
Currently, Ethereum is testing support at this critical level, with $2,600 being the line in the sand. A close below $2,600 would negate the symmetrical triangle’s bullish thesis and could lead to further downside pressure, denting optimism around ETH’s future price action.
Related reading
However, if Ethereum holds above this level, it could mean the breakout is intact, paving the way for a strong rally as the broader market prepares for a bull run. The coming days will be crucial for ETH’s trajectory.
Price Action: Technical Levels to Watch
Ethereum is at $2,620 after failing to reclaim the 200-day exponential moving average (EMA) of $2,795. The price is testing support around the crucial USD 2,600 level, which will determine the direction of ETH’s price action in the coming days.
If Ethereum continues above this level, the next target would be back above the 1D 200 EMA at $2,800. This is a crucial price zone as it aligns with ETH’s late August local high of $2,820.
A successful break above $2,800 would signal strong bullish continuation, meaning a push towards higher levels is imminent. However, if ETH fails to consolidate above $2,600, the risk of a return to lower demand zones becomes increasingly likely.
Related reading
Traders and investors are keeping a close eye on these levels as Ethereum attempts to regain momentum amid broader market uncertainty. The coming days will be critical in determining whether ETH continues its uptrend or faces further downward pressure.
Featured image of Dall-E, chart from TradingView
Credit : www.newsbtc.com
