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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 price increase. With the entire crypto market gaining momentum, optimism is growing among investors, who are eagerly awaiting Ethereum to catch up with Bitcoin’s recent rally.
Sentiment is positive and traders are keeping a close eye on whether ETH will make an appearance soon. Top analyst and investor Carl Runefelt has shared a technical analysis highlighting the optimistic outlook for Ethereum in the coming days. He believes that a successful breakout above $2,640 could push ETH to a much higher level, in line with the market’s overall bullish trend.
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As the market strengthens, the next week will be crucial not just for Ethereum but for the entire crypto space as investors prepare for what could be the start of another rally.
With key resistances being tested and momentum building, Ethereum’s next move will likely set the tone for its performance in the short to medium term. Investors and analysts are watching it closely 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 rally, with price action suggesting a move to new highs. The market is buzzing with excitement as greed increases and bullish momentum takes hold, pushing ETH towards a potential breakout.
After weeks of accumulation, Ethereum is now flirting with breaking a bullish pattern, paving the way for a possible rise.
Top analyst and investor Carl Runefelt has done that shared his technical analysis on Xwhich highlights that Ethereum needs a clear breakout from the current ascending triangle pattern.
According to Runefelt, the upside target is $2,800, which marks the last major resistance level from the two-month accumulation phase that ETH has been experiencing. A successful breakout from 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. A break above $2,800 could open the door to even higher levels, bringing ETH in line with the broader bullish sentiment seen across the crypto market.
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As bullish sentiment continues to rise, traders and investors are keeping a close eye on whether ETH will finally catch up to Bitcoin’s recent rally and chart a course to new highs.
Important levels to watch
Ethereum is trading at $2,640, just below the key resistance level at $2,650, after six days of choppy price action. A breakout above this level is essential for bulls to regain momentum, followed by a recovery from the 200-day exponential moving average (EMA) to $2,797.
However, a risk remains that ETH may fail to break through this resistance, leading to a search for liquidity in lower demand zones. If the price cannot reach $2,650, a deeper retracement could occur as the market looks for support.
Despite this risk, the broader bullish outlook remains intact as long as Ethereum remains above $2,500, giving hope to investors expecting 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 suffer a temporary setback. The market remains cautiously optimistic, with traders closely watching for a decisive move above key resistance to confirm the next phase of the rally.
Featured image of Dall-E, chart from TradingView
Credit : www.newsbtc.com
