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Ethereum Breaks Out of Bullish Pattern, Eyes $2,800 Resistance Level
Analyst Forecasts Ethereum Rally After Breaking Key Pattern
Key Points:
Ethereum (ETH) has surged above $2,600 following a minor pullback from recent highs, creating optimism among investors. Analyst Carl Runefelt predicts a new rally is imminent as ETH confirms support at current levels.
Ethereum’s Position in the Market
Despite Bitcoin’s dominance, Ethereum has shown strength lately, breaking out of a bullish pattern identified by top analyst Carl Runefelt. The potential rally could see ETH hitting $3,400 if current support levels hold.
Technical Levels and Market Outlook
Key Takeaways:
Ethereum is hovering around $2,620, struggling to surpass the 200-day EMA at $2,795. The $2,600 support level will determine the next move, with a break above $2,800 signaling a strong bullish trend.
What Lies Ahead for Ethereum?
If Ethereum manages to stay above $2,600, the path to reclaim the 1D 200 EMA at $2,800 opens up, potentially leading to higher price levels. However, failure to hold above $2,600 could result in a retracement to lower support zones.
The coming days will be crucial for Ethereum as it navigates market uncertainty and aims to sustain its upward momentum. Analysts and traders are closely monitoring these price levels to gauge ETH’s future trajectory.
Featured image from Dall-E, chart from TradingView
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
