Ethereum Forms A Bullish Pattern – Expert Reveals Short-Term Price Target

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Ethereum Price Testing Crucial Supply

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Ethereum has been trading below the $2,800 mark for the past two weeks as selling pressure at this critical level continues to exhaust bullish momentum. Investors remain cautious amid heightened volatility, fearing that Ethereum could extend its losses if it fails to reclaim key levels. Despite the uncertainty, some analysts see a potential breakout on the horizon.

Top crypto investor Carl Runefelt shared a technical analysis on X, revealing that ETH is currently trading within a 4-hour symmetrical triangle. This pattern suggests that a decisive move is coming, and if Ethereum manages to break out to the upside, it could reclaim key supply levels and push toward $3,000. However, if ETH fails to hold current levels and breaks down from the triangle, further declines could follow.

Ethereum has struggled to gain momentum compared to Bitcoin and some other altcoins, raising concerns about its relative weakness in this cycle. Traders are closely monitoring price action, looking for confirmation of the next major move. Whether ETH will break out or see further downside remains uncertain, but the next few trading sessions will likely determine its short-term trajectory.

Ethereum Price Testing Crucial Supply

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Ethereum is attempting to push above the $2,700 mark and hold it as support to confirm the start of a recovery phase. However, the real challenge lies ahead, as the key levels to reclaim remain between $2,800 and $3,000. Analysts warn that if ETH fails to recover these critical supply zones soon, a deeper correction could follow. The market is currently waiting for confirmation in either direction as Ethereum struggles to gain bullish momentum.

Carl Runefelt shared a technical analysis highlighting that ETH is trading within a 4-hour symmetrical triangle. This pattern signals an impending breakout, though the direction remains uncertain. Runefelt states that if Ethereum manages to break out to the upside, the immediate target will be the $3,000 resistance level. A breakout above $2,800 would strengthen the bullish case and signal a potential reversal of the recent downtrend.

ETH Price Action Details: Technical Levels

Ethereum is trading at $2,750 after days of attempting to reclaim the $2,700 level. Bulls are fighting to hold this critical support, as maintaining it could provide the momentum needed for a breakout. If ETH holds above $2,700 and manages to push past the $2,800 mark, it could trigger a bullish surge into higher levels, with $3,000 being the next major target. A move above this level would confirm a reversal of the recent bearish trend and strengthen investor confidence.

The coming days will be crucial for Ethereum as it tries to regain strength. If ETH successfully reclaims the $2,800 mark soon, a bullish breakout into the $3,000 zone becomes inevitable. Traders are closely monitoring price action, looking for confirmation of the next major move. Whether Ethereum will reclaim its bullish momentum or face another leg down remains to be seen.

Conclusion

Ethereum is at a critical juncture, with its price testing crucial supply levels. The next few trading sessions will be crucial in determining its short-term trajectory. If ETH can successfully reclaim the $2,800 mark, a bullish breakout into the $3,000 zone could be imminent. However, if it fails to hold current levels and breaks down from the triangle, further declines could follow.

FAQs

Q: What is the current price of Ethereum?
A: Ethereum is currently trading at $2,750.

Q: What is the key level to reclaim for Ethereum to recover its bullish momentum?
A: The key level to reclaim is between $2,800 and $3,000.

Q: What is the potential target if Ethereum breaks out to the upside?
A: The potential target is $3,000, which could signal a reversal of the recent bearish trend.

Q: What is the potential outcome if Ethereum fails to hold current levels and breaks down from the triangle?
A: A potential outcome could be further declines, potentially pushing the price toward lower support zones.