Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details
2024年10月16日 - 6:30AM
NEWSBTC
Ethereum (ETH) has surged above $2,500, now testing a critical
supply level that could spark a massive rally for both ETH and
altcoins. After several days of anxiety and uncertainty,
yesterday’s market surge has reignited optimism across the crypto
space. Investors and traders are closely watching Ethereum’s price
action, as a break above this crucial zone could signal the start
of a significant upward trend, potentially setting the stage for an
Altseason. Related Reading: Dogecoin Buy Signal Hints At Upside As
Funding Rate Keeps Rising Top analysts and investors await
confirmation that ETH is poised to rally soon. Carl Runefelt, a
well-known analyst and investor, has shared his technical analysis
on Ethereum, suggesting that the long-awaited rally may be just
around the corner. According to Runefelt, ETH’s breakout from
the current supply zone could lead to a substantial price surge,
attracting bullish momentum for Ethereum and a broader range of
altcoins. The next few days are critical for Ethereum’s price
action as the market awaits signals that could define the direction
of this potential rally. Investors remain optimistic, anticipating
that ETH could lead the market into its next major bullish phase.
Ethereum Testing Crucial Supply Ethereum has been trading within a
bullish triangle formation since early August, and the moment of
truth for a potential breakout may be close. ETH has
underperformed BTC throughout the year, causing many investors and
traders to question ETH’s strength during this cycle. This trend
led to a shift in confidence as Bitcoin continued to dominate,
leaving Ethereum behind. However, during yesterday’s market
pump, Ethereum showed renewed strength, outperforming Bitcoin for
the first time in a while, signaling a possible shift in market
dynamics. Prominent crypto analyst Carl Runefelt recently shared a
technical analysis on X, highlighting Ethereum’s imminent breakout
from the bullish triangle pattern. According to Runefelt,
Ethereum is approaching a key moment, and a breakout from this
pattern could lead to a major rally. He suggests that once ETH
breaks through, the next supply zone to target is around $3,400,
representing a significant upward move from current levels. Related
Reading: Solana Will Target New ATHs Once It Breaks $160 Resistance
– Analyst This optimistic outlook comes from renewed positive
sentiment across the market and Ethereum’s improved price action.
Traders and investors are closely watching the next few days, as a
successful breakout could mark the beginning of Ethereum’s
long-awaited bullish trend and re-establish its strength relative
to Bitcoin. ETH Technical Levels To Watch Ethereum is trading at
$2,611 after a notable 7% surge yesterday. This upward momentum
allowed the price to break past the $2,500 mark, a critical
resistance level pushing the price down since the beginning of
October. Now, Ethereum is less than 8% away from the 200-day
exponential moving average (EMA), currently at $2,806. For bulls to
gain control and establish a sustained uptrend, ETH must reclaim
this 200-day EMA and close above the $2,800 level. Doing so would
signal a continuation of bullish momentum and set the stage for a
potential rally to higher price levels. On the other hand, if
Ethereum fails to hold above the $2,500 support level, a deeper
correction may be on the horizon. In that case, the price could
return to $2,300, where stronger demand may help stabilize the
market. Related Reading: XRP Will Jump 75% If It Holds Current
Demand Level – Details The next few days are crucial for Ethereum,
as traders and investors are watching closely to see whether the
price can hold its recent gains and break through key resistance
levels. Featured image from Dall-E, chart from TradingView
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