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Ethereum is testing a major resistance level around $2,640, and many analysts believe that breaking through this point could trigger a significant price spike. As the entire crypto market gains ground, optimism is growing among investors, who are looking forward to Ethereum catching up to Bitcoin’s recent rally.
Sentiment is positive, and traders are watching to see if ETH will make a move soon. Prominent analyst and investor Carl Runefelt has shared a technical analysis highlighting Ethereum’s optimistic outlook in the coming days. He believes that a successful break above $2,640 could push ETH to much higher levels, in line with the overall market bullish trend.
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As the market strengthens, next week will be an important one, not only for Ethereum but for the entire crypto world, as investors prepare for the start of a new rally.
With key resistance testing and momentum building, Ethereum’s next move will likely determine its performance in the short to medium term. Investors and analysts are keeping a close eye, as the outcome of this resistance battle could determine the direction of Ethereum’s price movement in the near future.
Ethereum Needs a Clean Breakout
Ethereum appears poised for a significant rally, with price action showing a move to new highs. The market is abuzz with excitement as greed rises and bullish momentum takes hold, pushing ETH towards a potential breakout.
After weeks of accumulation, Ethereum is now trying to break out of a bullish pattern, setting the stage for a possible surge.
Prominent analyst and investor Carl Runefelt has shared his technical analysis of X, highlighting that Ethereum needs a clean breakout of the 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 is experiencing. A successful breakout of this key structure would signal the start of a potential rally, thereby fueling optimism throughout the market.
Runefelt also emphasized the importance of price action in these lower timeframes, calling it critical for Ethereum’s long-term development. A break above $2,800 could open the door to even higher levels, aligning ETH with the broader bullish sentiment seen in the crypto market.
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With bullish sentiment continuing to rise, traders and investors are watching closely, anticipating whether ETH will eventually catch up to Bitcoin’s recent rally and set a path towards new highs.
Important Levels to Pay Attention to
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 important for buyers to regain momentum, followed by reclaiming the 200-day exponential moving average (EMA) at $2,797.
However, there is still a risk that ETH fails to break through this resistance, leading to a search for liquidity in lower demand zones. If the price cannot break $2,650, a deeper retracement is possible as the market looks for support.
Despite these risks, as long as Ethereum holds above the $2,500 mark, the broader bullish outlook remains intact, giving hope to investors hoping for an eventual bull run.
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In the coming days, Ethereum’s ability to break through this resistance level will be crucial in determining whether Ethereum will continue its upward trend or face a temporary pullback. Markets remain optimistic, with traders closely watching for a decisive move above the key resistance to confirm the next phase of the rally.
Featured image from Dall-E, chart from TradingView
