Ethereum Is Ready For The Next Big Move – Analyst Shares Bullish Target
Ethereum (ETH) has underperformed in recent weeks, with its price action disappointing investors following last week’s flash crash and heightened volatility. Despite initial hopes of recovery, ETH has struggled to regain momentum and has been trending downward since mid-December. Due to the lack of bullish momentum, investors are eager for a price surge to lift Ethereum out of its current slump.
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Top analyst Carl Runefelt recently shared a technical analysis suggesting that Ethereum may be preparing for its next big move, fueling expectations. According to Runefelt, ETH is forming a 4-hour symmetrical triangle, a pattern often associated with periods of consolidation before a breakout. While the direction of the breakout remains uncertain, the pattern suggests that a decisive move may be imminent.
As Ethereum hovers near key levelsmarket participants are paying close attention to the analysis of the triangle. An upward breakout could reignite bullish sentiment, while a downward breakout could signal that the largest altcoins will continue to struggle. With the broader cryptocurrency market showing signs of recovery, the next few days will be crucial for Ethereum to prove its resilience and re-establish its position as the leader in the space. All eyes are now on ETH’s next move.
Ethereum consolidates ahead of action
Ethereum is currently in a short-term consolidation phase, trading between key demand and supply levels as the market deals with uncertainty. While analysts expect major moves, the direction remains unclear amid heightened volatility and mixed investor sentiment. ETH’s price action reflects a market in wait-and-see mode, with traders keeping a close eye on key technical levels for signs of a breakout.
Top analyst Carl Runefelt recently Shared his technical analysis of Xemphasizing that Ethereum is preparing for its next big move. According to Runefelt, ETH is forming a 4-hour symmetrical triangle, a pattern that often precedes a decisive breakout. He noted that there are both bullish and bearish scenarios for this setup, depending on the direction of the breakout.
If ETH breaks out of the triangle, bullish targets are set around $3,900, indicating that a new bullish phase may begin. Conversely, a break below this triangle would point to bearish targets near $2,720, indicating further downside. Runefelt emphasized the importance of monitoring this pattern as its results could set the tone for Ethereum’s next trend.
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As market sentiment remains uncertain and volatility remains high, Ethereum’s symmetrical triangle provides traders with a clear framework. Whether the breakout is to the upside or downside, it could mark the start of a significant move that shapes Ethereum’s trajectory in the coming weeks. Currently, investors are paying close attention to this key technical formation.
Volatility drives markets
Ethereum is currently trading at $3,317, and the market is highly volatile. This intensification of price action has become a major force driving speculation and uncertainty among traders. As Ethereum struggles to stabilize, staying above key support levels will be crucial to sustain the bullish structure and avoid further declines.
The $3,300 level has emerged as a key support area that bulls need to defend to maintain momentum. If ETH is able to hold this mark and break strongly above the $3,550 resistance, it could solidify the bullish outlook and potentially lead to a stronger recovery. A breakout of this level would also signal renewed investor confidence, opening the door to a more sustained uptrend.
However, market uncertainty also brings the risk of further corrections. Losing the psychological level of $3,000 could trigger additional selling pressure, causing the price to drop significantly and test lower support areas. This move will challenge ETH’s resilience and may prolong its consolidation phase.
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As the market awaits clearer signals, Ethereum’s ability to remain above key levels will be closely watched. The next few days will be crucial in determining whether ETH can maintain its structure or face further volatility and downward pressure.
Featured images are from Dall-E and charts are from TradingView.
