Ethereum Bullish Pattern Signals Upcoming Rally – Analyst Sets $2,870 Target
18 Ottobre 2024 - 9:00PM
NEWSBTC
All eyes are on Ethereum as the crypto market watches closely
following Bitcoin’s recent surge. Analysts and investors are
now cautiously waiting for Ethereum to catch up, with some fearing
that ETH’s performance in this cycle may fall short of
expectations. Related Reading: Solana Targets $160 Resistance
As TVL Hits New Yearly Highs Recent price action for Ethereum has
shown signs of strength, giving investors confidence that a
potential breakout could be near. Ethereum is currently trading
within a bullish pattern that, if broken, could lead to a massive
surge in the coming weeks. With Bitcoin leading the way and
market momentum building, ETH could be poised to follow, unlocking
new gains and potentially signaling the start of a powerful rally
for the altcoin. Investors are closely watching for signs
that Ethereum will break free from its consolidation and begin to
climb, as it remains one of the most closely monitored assets in
the market. Ethereum Flirting With A Surge Over the past few weeks,
Bitcoin has surged, leaving investors eagerly waiting for Ethereum
to follow suit. Top analyst and investor Carl Runefelt has shared
his technical analysis on X, highlighting a bullish pattern
emerging on Ethereum’s 1-hour price chart. Runefelt’s analysis
points to an ascending triangle formation, which is generally a
bullish indicator. According to him, if Ethereum manages to break
above this pattern, a rapid surge to $2,870 could be
imminent. This price level represents a key target for
Ethereum, as it signals a strong upward move and confirms that the
altcoin is catching up with Bitcoin’s recent performance. However,
there are still risks that Ethereum could continue to trade
sideways if it fails to break the current resistance level. In that
case, ETH could remain trapped in consolidation for a longer
period, which would cause further frustration among investors
hoping for a rally. Related Reading: On-Chain Metrics Reveal
Bitcoin Demand Is Growing – Can BTC Break ATHs In Q4? Despite these
risks, market conditions favor Ethereum’s potential breakout as
bullish sentiment grows. Analysts are watching closely,
anticipating that Ethereum’s moment to surge could come soon,
setting the stage for significant gains. Price Levels To Watch
Ethereum (ETH) currently trades at $2,624 after three days of
uncertainty and volatility. The price recently surged by 10% from
the $2,400 area, showing signs of strength, but now faces a crucial
resistance level. For the bulls to regain momentum, Ethereum
needs to push above the current price and reclaim the 200-day
exponential moving average (EMA), which is $2,800. This significant
level would signal that ETH is back on track for further upside,
potentially catching up with Bitcoin’s recent gains. However, if
Ethereum fails to break above this key resistance and reclaim the
200-day EMA, it risks entering a sideways consolidation phase. A
failure to hold current levels could lead to a retrace, with
support likely around the $2,450 mark. Related Reading:
Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern –
Details Traders and investors are closely watching the price action
as Ethereum’s next move will determine whether it can break free
from its current uncertainty or continue to face resistance in the
coming days. As the broader crypto market remains volatile,
Ethereum’s ability to hold key levels will be critical for its
near-term outlook. Featured image from Dall-E, chart from
TradingView
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