Ethereum has faced challenges to regain its upward momentum, placing altcoin trading at a pivotal level. Ethereum is at the center of attention of investors who predict a possible increase in the coming weeks. The optimism stems from expectations that Ethereum's resurgence could usher in the much-anticipated Altseason, bringing widespread gains across the altcoin market.
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Top analyst Carl Ranfelt recently shared a compelling technical analysis on X that highlights the formation of an Ethereum Symmetric Triangle pattern on the 4-hour timeframe. According to Runefelt, the pattern is a classic breakout lead, with an upside target above $3,980. Such a move represents Ethereum's strong return to bullish momentum and reinforces its position as a leading asset in the cryptocurrency market.
Market participants are closely watching this pattern, as a confirmed breakout could send altcoins higher. However, Ethereum must first conquer this critical level Strengthen your bullish outlook. With the market at a crossroads, the coming weeks will be decisive for Ethereum's path and its role in ushering in the next phase of growth in the crypto market.
Ethereum is preparing for a rally
After weeks of consolidation, Ethereum has pulled back above $3,000. Currently, Ethereum is trading in a range bounded by the $3,550 resistance. This critical area has caught the attention of analysts and investors eager for Ethereum to break out and surpass its annual highs, indicating renewed bullish momentum.
Carl Ronfelt, the top analyst recently Share detailed technical analysis on XEmphasizing the formation of a symmetrical triangle pattern in the 4-hour time frame of Ethereum. According to Runefelt, this pattern indicates a high probability of significant price movement, although its direction is unclear.
He predicts an upside target of $3,980 if ETH breaks the triangle to the upside. This reaffirms Ethereum's strength level and is likely to instill confidence among market participants. Conversely, if the pattern breaks down, Runefelt predicts a correction to $2,920, which would represent an important test of Ethereum's ability to hold key support levels.
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The coming days are expected to be very important for Ethereum As this symmetrical triangle approaches its resolution. Whether ETH rises past resistance or declines to retest support, the outcome will have important implications for its short-term direction and long-term outlook. Investors are closely monitoring these movements and waiting for signals of Ethereum's next big move.
Price Action: Attention to key demand
Ethereum is trading at $3,360, showing resilience after consolidating above the critical $3,300 support level. This area remains a key threshold for bulls to maintain momentum and push prices higher. A hold above $3,300 is essential, as a breach of this level could trigger a deeper correction, potentially retesting lower support areas and dampening bullish sentiment.
On the other hand, if ETH establishes a solid base above $3,350, it could pave the way for a quick recovery. A push above the $3,550 resistance line is likely to rekindle the bullish momentum and set Ethereum up to challenge its yearly highs. This level represents a significant psychological and technical turning point, and its recovery indicates strength in the market.
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Ethereum's ability to hold or break these levels will determine its short-term trajectory. Analysts are optimistic that a break above $3,550 could lead to a rapid price rally. Reflecting renewed confidence in the performance of the broader Ethereum market. Currently, Ethereum's consolidation above $3,300 is a sign of cautious optimism, with the potential for an explosive move in either direction depending on how these levels are defended or broken.
Featured image from Dall-E, chart from TradingView
