벳위즈 보증 토토사이트 추천；온카패스

맥스카지노 【보증업체】 가입코드 이벤트 쿠폰

Scott Matherson — Mon, 21 Oct 2024 19:30:18 +0000

The Ethereum price started the new week by extending last week’s gains, which kicked off after it bounced off support at $2,350. This run has seen the Ethereum price now pushing towards resistance at $2,800, which the bulls look forward to breaking before the week runs out.

In light of the recent Ethereum price move, a crypto analyst has noted that the leading altcoin is gearing up for a massive move, and things are about to get interesting.

Things Are About To Get Interesting With The Ethereum Price

According to the analyst, known as @IamCryptoWolf on social media platform X, the current market conditions and technical setup suggest that Ethereum could be gearing up for a significant breakout, hinting that “things are about to get interesting.

The prediction is based on an analysis of Ethereum’s price action against the US dollar (ETH/USD) on a 3-day candlestick timeframe, where the analyst has identified the formation of an inverse head and shoulders pattern.

This inverse head-and-shoulders pattern is considered a powerful reversal signal in technical analysis, indicating a transition from a downtrend to an uptrend. The pattern consists of three distinct lows: the left shoulder, the head, and the right shoulder. The head forms the deepest low, while the two shoulders are smaller lows. The neckline, connecting the peaks between the shoulders, acts as a critical resistance level. Once price action breaks above this neckline decisevely, it often sparks a surge in bullish momentum. In the case of Ethereum, the analyst identified this neckline at approximately $2,800. Ethereum has recently been trending upwards toward this level, suggesting that a breakout may be close. In terms of a breakout target, the analyst pointed to the $3,400 level as the first key price zone to watch. Breaking out of the $3,400 level would open up the path to Ethereum retesting its yearly high above $3,920 towards $4,000 and probably even creating a new one.

The $3,400 and $3,920 price targets represent 25% and 45% increases, respectively, from the current price of Ethereum.

Ethereum And The Broader Market Context

The Ethereum price performance in 2024 has been closely tied to the overall market conditions, particularly Bitcoin’s movements. Many large market cap cryptocurrencies have started the week with gains, as many bullish traders look to continue on last week’s momentum.

The Ethereum price broke above $2,700 for the first time in October during this weekend as many addresses crossed into the long-term holding cohort, further increasing the bullish sentiment. At the time of writing, Ethereum is trading at $2,720 and is up by 2.83% in the past 24 hours.

As things stand, the coming days could be pivotal for the rest of the year, with Ethereum potentially gearing up for a significant upward move above $2,800, making things ‘about to get interesting�?indeed.

바카라사이트；바카라사이트,카지노사이트,온라인카지노사이트

Sebastian Villafuerte — Sun, 20 Oct 2024 16:00:54 +0000

Ethereum is testing a key resistance level around $2,640, and many analysts believe that breaking this point could trigger a significant surge in price. As the entire crypto market gains strength, optimism is growing among investors, who are eagerly waiting for Ethereum to catch up with Bitcoin’s recent rally. The sentiment is positive, and traders are closely watching to see if ETH will make its move soon. Top analyst and investor Carl Runefelt has shared a technical analysis highlighting an optimistic outlook for Ethereum in the coming days. He believes that a successful breakout above $2,640 could push ETH to much higher levels, aligning with the market’s overall bullish trend. As the market strengthens, the next week will be crucial, not just for Ethereum but for the entire crypto space, as investors prepare for what could be the start of a new rally.

With key resistance being tested and momentum building, Ethereum’s next move will likely set the tone for its performance in the short to mid-term. Investors and analysts are keeping a close watch, as the outcome of this resistance battle could determine the direction of Ethereum’s price action in the near future.

Ethereum Needs A Clean Breakout

Ethereum looks ready for a significant rally, with price action suggesting a move to new highs. The market is buzzing with excitement as greed rises and bullish momentum takes hold, pushing ETH toward a potential breakout. After weeks of accumulation, Ethereum is now flirting with breaking out of a bullish pattern, setting the stage for a possible surge.

Top analyst and investor Carl Runefelt has shared his technical analysis on X, highlighting that Ethereum needs a clean breakout from its current ascending triangle pattern.

According to Runefelt, the upside target is $2,800, which marks the last major resistance level from the two-month accumulation phase ETH has experienced. A successful breakout from this key structure would signal the start of a potential rally, fueling optimism across the market. Runefelt also emphasized the importance of this lower timeframe price action, calling it crucial for Ethereum’s long-term development. Breaking above $2,800 could open the door to even higher levels, aligning ETH with the broader bullish sentiment seen across the crypto market. With the bullish sentiment continuing to build, traders and investors are watching closely, anticipating whether ETH will finally catch up to Bitcoin’s recent rally and set a course for new highs.

Key Levels To Watch

Ethereum is trading at $2,640 after six days of choppy price action, just below the key $2,650 resistance level. A breakout above this level is essential for bulls to regain momentum, followed by a reclaim of the 200-day exponential moving average (EMA) at $2,797. However, there remains a risk that ETH could fail to break through this resistance, leading to a search for liquidity in lower demand zones. If the price cannot clear $2,650, a deeper retrace might occur as the market seeks support. Despite this risk, as long as Ethereum holds above the $2,500 mark, the broader bullish outlook remains intact, giving hope to investors expecting an eventual rally. In the coming days, Ethereum’s ability to break through these resistance levels will be crucial in determining whether it will continue its upward trajectory or face a temporary setback. The market remains cautiously optimistic, with traders watching closely for a decisive move above key resistance to confirm the next phase of the rally.

Featured image from Dall-E, chart from TradingView

스포츠 토토；스포츠 사이트；스포츠 토토 사이트

Semilore Faleti — Sat, 19 Oct 2024 17:00:47 +0000

In a bullish trading week, Ethereum (ETH) surged by over 8% as its market price returned above the $2,600 price mark. However, amidst this rally, certain market developments have occurred which raises questions over Ethereum’s future price movements.

50,000 ETH Flow Into Derivative Exchange – Price To Rise Or Fall?

In a Quicktake post on CryptoQuant, an analyst with username Amr Taha reported there has been a positive net flow of over 50,000 ETH valued at $132.12 million on derivative exchanges. In this context, net flow measures the difference between the amount of ETH deposited and the amount of ETH withdrawn from derivative exchanges, which are standard trading platforms for products such as options and futures contracts.

Therefore, a positive net flow indicates a higher amount of ETH has been deposited than withdrawn on the last day. Analyzing the implications of this development on Ethereum’s price, Amr Taha has postulated two situations.

First, the analyst states that a positive net flow to derivative exchanges could indicate a potential rise in selling pressure as traders may be looking to offload their ETH either by opening a short position or selling through a futures contract at a predetermined price. Alternatively, a positive net flow may indicate that traders are depositing ETH to use as collateral for margin or future contracts betting that the price of ETH will rise, thus expressing confidence in the token’s profitability.

Essentially, this massive positive ETH net flow holds significant potential to swing Ethereum’s price either way based on traders’ actions.

Ethereum Prepares For Encounter With Crucial Resistance

In other news, Ethereum continues to trade at $2,636 reflecting gains of 1.11% and 12.89% in the last one and 30 days respectively. Meanwhile, the token’s daily trading volume is up by 12.89% and is valued at $17.06 billion.

However, despite these positive metrics, data from CoinMarketCap shows that market sentiment towards the altcoin is largely bearish as investors perhaps anticipate a price retracement following the ETH’s recent gain in the last week. Interestingly, the Ethereum daily chart shows the token is approaching a key resistance level at $2,700 which has served as a strong rejection zone over the last two months.

Albeit, the relative strength Index is still some significant distance away from the overbought zone indicating Ethereum’s price rally may be far from over and may break past this resistance level. In addition, analysts have observed an ascending triangle pattern on the ETH hourly chart indicating strong bullish potential to surge past $2,700 reaching as high as $2,870 in the coming days.

탑텐슬롯；보증업체；온카패스- 온라인 카지노 사이트

Sebastian Villafuerte — Fri, 18 Oct 2024 19:00:11 +0000

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. 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. 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. 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

소닉카지노 【보증업체】 가입코드 이벤트 쿠폰；온라인바카라

Samuel Edyme — Fri, 18 Oct 2024 03:00:47 +0000

Recent reports have revealed that Ethereum has had a challenging run, underperforming compared to other major cryptocurrencies. However, despite this, some positive signs may be on the horizon.

According to a CryptoQuant analyst, Percival, Ethereum’s open interest has increased significantly, indicating rising investor optimism for a potential rally.

Potential For Ethereum Rally And Longs Benefit

According to the data shared by Percival, Ethereum’s open interest stands at $9.6 billion, marking a 28.57% increase from August, although it is still below the $13 billion recorded in June.

The rise in open interest points to expectations of an upward price movement, with many traders positioning themselves for increased demand. Percival noted that several factors, including potential Federal Reserve interest rate cuts and a growing focus on the future of tokenization on the Ethereum blockchain, may fuel this uptick.

This shift could drive more interest toward decentralized finance (DeFi) protocols, making Ethereum more attractive for investors looking for long-term gains.

Percival also highlighted that Ethereum’s Relative Strength Index (RSI) is at 61, suggesting that the market is overheated. A “convergence” between open interest and RSI levels indicates that price corrections will likely be short-lived, providing opportunities for traders to position themselves for a market rebound. The analyst estimated that Ethereum may experience a correction of around 7% to 9% before rallying again, favoring long positions as traders await a potential rise in both price and demand. The analyst particularly wrote in a post on the CryptoQuant QuickTake platform:

The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated to be between 7% and 9%. This scenario favors long positions, with traders patiently waiting for a market rebound to confirm new highs and higher lows.

ETH’s Path To A Bullish Breakout

At the time of writing, Ethereum trades at $2,611, down slightly by 0.1% in the past 24 hours. This comes after a strong week where the cryptocurrency saw a 9.3% increase and a nearly 15% rise over the past month.

According to another prominent crypto analyst, Ali, Ethereum could be on the verge of a significant rally. In a recent post on X, Ali revealed that Ethereum has recently touched the lower boundary of a channel, a level that has historically led to an average 130% price surge.

According to Ali, should this pattern continue to hold, Ethereum could potentially climb to $6,000 as long as it maintains its key support level of $2,300.

Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for #Ethereum.

If this pattern holds, a similar move could push $ETH to $6,000—provided the key $2,300 support level stays intact. pic.twitter.com/CFpLrQWEih

�?Ali (@ali_charts) October 14, 2024

So far, despite ETH’s market’s volatility, the asset has managed to maintain its price above the critical $2,300 support level, which lends credibility to the theory that a bullish breakout could be on the way.

Featured image created with DALL-E, Chart from TradingView

카지노；카지노사이트 온라인카지노 바카라；카지노사이트킴

Jake Simmons — Thu, 17 Oct 2024 12:00:18 +0000

In an interview with Aaron Arnold, founder of Altcoin Daily, Matt Hougan, the Chief Investment Officer (CIO) of Bitwise Asset Management, shared his optimistic outlook on Ethereum for 2025. Amidst a crypto landscape where Bitcoin and emerging high-performance blockchains like Solana, Sui, and Aptos dominate headlines, Hougan positions Ethereum as a “contrarian bet�?that may offer significant returns for investors willing to look beyond current market sentiments.

Why Ethereum Is The Best “Contrarian Bet”

Hougan acknowledged Ethereum’s unique position within the crypto market. He describes Ethereum as “the asset that people love to hate; it’s kind of the middle child of crypto.” While Bitcoin maintains its status as the original cryptocurrency and a store of value, newer blockchains capture attention with promises of superior performance and innovative features. Ethereum, meanwhile, is often criticized for issues like high fees and the migration of activity to Layer-2’s, leading some to view it as outdated technology struggling to keep pace with its competitors.

However, Hougan challenges this narrative by emphasizing Ethereum’s foundational role in some of the most critical and rapidly growing areas of the crypto industry. “When you step back and look at it, what are the killer apps of crypto outside of Bitcoin? They are things like stablecoins, DeFi [decentralized finance], and tokenization,” he notes. Despite the emergence of alternative platforms, Ethereum remains the leading blockchain supporting these applications. It is the primary choice for developers and institutions. “If you’re a large traditional financial player looking to build on a public blockchain what blockchain are you going to choose most likely? You’re going to choose Ethereum,” Hougan claims.

The Bitwise CIO attributes Ethereum’s underperformance to a transitional phase in its development. “I think Ethereum has sort of passed over this year because it’s going through this complex teenage adjustment in its architecture,” he explained. This “teenage adjustment” refers to Ethereum’s ongoing upgrades.

Hougan remains bullish on Ethereum’s long-term prospects, considering it a strong contrarian play for 2025. “Ethereum is the best contrarian bet in crypto right now,�?he stated via X. Hougan believes that the market’s current focus on Bitcoin and newer blockchains has caused many to overlook Ethereum’s enduring strengths and potential for growth. He asserts that as the blockchain completes its architectural upgrades, it will be better positioned to capitalize on its dominant role in key sectors like stablecoins and DeFi. When asked whether he believes Ethereum will break it’s all-time highs, Hougan expressed cautious optimism. “I certainly think we could see that in 2025 if we see significant growth in the application space,” he responded. However, he emphasized that Ethereum’s ability to reach new price levels is more conditional compared to Bitcoin. “I think it’s maybe more conditional than Bitcoin,” he admitted. Key among these conditions is the enactment of favorable stablecoin legislation. “We need to see positive stablecoin legislation that helps that move aggressively into the mainstream,” Hougan stresses. Regulatory clarity and support for stablecoins could lead to increased adoption and integration into the mainstream financial system, directly benefiting Ethereum as the primary platform for these digital assets. Additionally, he points to the necessity for continued growth in decentralized applications (dApps) built on the Ethereum network. “We need to see more growth in apps that are built on the Ethereum ecosystem,” he added. Hougan advises investors to focus on the overall growth and development of the Ethereum ecosystem rather than short-term concerns like fee structures or the migration to Layer 2 solutions. “I don’t think that’s the game to play with Ethereum right now,” he remarks regarding worries about fees and network congestion. Instead, he suggests that the intrinsic value of Ethereum will become apparent as its ecosystem expands and matures. “Think about the growth of the ecosystem, and the value will sort itself out,” he asserts. Hougan stated that while he remains bullish on both Bitcoin and Ethereum, he sees a unique opportunity with Ethereum due to its current undervaluation and the market’s overlooking of its potential. “I know I just made a very bullish case for Bitcoin; now I’m making a very bullish case for Ethereum. I am bullish for both, and I think the setup for both is pretty good,” he concludes. At press time, ETH traded at $2,624.

카지노사이트

Samuel Edyme — Thu, 17 Oct 2024 09:00:04 +0000

As Ethereum continues to trail behind Bitcoin’s ongoing recovery in price, it seems the second-largest cryptocurrency by market cap is experiencing some positive developments in the background.

According to recent data from IntoTheBlock, large Ethereum holders, often called whales, have been actively accumulating Ethereum over the past month.

The Quiet Accumulation Of ETH From Whales

IntoTheBlock reported via its X account that Ethereum’s large holder net flow has increased notably over the past 30 days. Specifically, whale wallets, which hold more than 0.1% of Ethereum’s total supply, have recorded consistent net outflows, signaling “accumulation.” According to the data, net outflows were recorded on just three days in the last month, meaning these large holders were predominantly adding to their positions.

In total, over 1.7 million ETH were accumulated during this period, with 175,000 ETH purchased in the last two days alone IntoTheBlock suggests that this strong accumulation behaviour from large holders typically indicates confidence in the asset’s long-term potential.

Over the past 30 days, ETH whale wallets have been actively accumulating, with net outflows recorded on only three days.
The large holder netflow indicator tracks when wallets holding more than 0.1% of the total supply are buying or selling.

In total, these wallets have�?pic.twitter.com/om1UM9tArf

�?IntoTheBlock (@intotheblock) October 16, 2024

Ethereum Price Performance And Outlook

While large holders have been expressing confidence through their accumulation behavior, Ethereum’s price appears to be gradually reflecting this phenomenon. Over the past week, Ethereum has added around 5.9% to its value, reclaiming its ground above the $2,600 price mark.

In the last 24 hours, the asset has seen a slight increase of 1.3%, bringing its current trading price to $2,616, at the time of writing. Additionally, Ethereum’s daily trading volume has also increased significantly in the past week from below $14 billion last Wednesday to currently above $18 billion as of today.

Amid this price performance, crypto analyst CrediBULL shared his latest outlook on Ethereum. In a post on X, the analyst expressed concerns over Ethereum’s relative weakness against Bitcoin.

CrediBULL noted that while Ethereum showed some initial signs of strength, it failed to clear local highs during the most recent rally. This underperformance has led the analyst to believe that Ethereum may continue to struggle against Bitcoin in the short term.

Haven’t updated $ETH in a while. Has been showing considerable weakness against BTC recently (along with most alts).
While I had hoped for a short term window of outperformance before the final drop to sub 2k it doesn’t seem like we are going to get that at this time.
ETH�?pic.twitter.com/CZJOoElHp3

�?CrediBULL Crypto (@CredibleCrypto) October 15, 2024

Featured image created with DALL-E, Chart from TradingView

먹튀검증 【토토먹튀블러드】 먹튀 보증업체 추천 토토사이트 관련된 먹튀검증업체 사설 토토커뮤니티

Rubmar Garcia — Thu, 17 Oct 2024 08:00:42 +0000

Following the market’s recent performance, Ethereum (ETH) attempted to break out of a bullish formation. Some analysts believe the cryptocurrency is preparing to catch up with Bitcoin and aim for March highs.

Ethereum Getting Ready To Challenge BTC

This week, Ethereum has successfully reclaimed the $2,500 support zone following the market’s recent performance. The second-largest cryptocurrency by market capitalization has seen an 8.6% increase in the last seven days, moving from the $2,300-$2,400 range to the $2,600 mark.

In the last 24 hours, ETH has retested the $2,600 resistance level, currently holding it as support as it attempts to reclaim the $2,700 price range. This zone is the next crucial level, as the cryptocurrency hasn’t successfully broken above it in nearly three months.

Market analyst CryptoWolf pointed out that Ethereum has been rejected from the local top around this level twice since August’s market crash, making it the next big resistance to break.

However, once the zone is cleared, ETH’s price is “heading straight to the 3500s�?since the analyst considers that the $3,000 mark “won’t stand a chance.�?Similarly, crypto analyst Alex Clay suggested that the King of Altcoins is about to “catch up on BTC�?and rise toward $3,500.

To the analyst, Ethereum completed its local accumulation within the $2,100-$2,700 range, and “it’s ready to switch the short-term trend for the bullish.�?Other market watchers also suggested that the market is near the bottom after the sideway moves, based on the ETH/BTC chart.

Tony Research stated that the chart “suggests that altcoins are currently cheap relative to Bitcoin. An increase in this chart will positively affect altcoins and their prices.�?As the investor pointed out, altcoins could see significant growth during Q1 2025 since Q4s have historically been Bitcoin’s best time to grow.

ETH Attempts Breakout From Bullish Pattern

Analyst Crypto Yapper noted that Ethereum is trying to break from its consolidating formation. The cryptocurrency has been within a three-month symmetrical triangle pattern, and it attempted to break above the upper trendline on Tuesday.

Yesterday, ETH rose momentarily above the trendline after hitting $2,688 but quickly retraced to $2,550. Ethereum tried another breakout from the symmetrical triangle upper trendline on Wednesday, surging above $2,630 before settling around the $2,600 support zone.

To the analyst, Ethereum will target the $2,900 mark next if it breaks out of this formation. Recovering this level could propel ETH’s price to its March highs, as the $2,900-$3,000 price range was a key support zone during the rally’s first leg.

Meanwhile, season trader Peter Brandt recently highlighted an inverted Head and Shoulders (H&S) pattern on ETH’s chart. The trader signaled that an H&S bottom is forming, also suggesting a massive breakout might be imminent.

As of this writing, ETH is trading at $2,612, a 1% increase in the daily timeframe.

프리미엄；보증사이트；온카패스- 온라인 카지노 사이트

Keshav Verma — Wed, 16 Oct 2024 09:30:46 +0000

Data shows the Ethereum Open Interest has witnessed some sharp growth recently, a sign that more volatility could be coming for the asset’s price.

Ethereum Open Interest Has Now Risen To $9.7 Billion

As explained by an analyst in a CryptoQuant Quicktake post, the Ethereum Open Interest has seen a strong rise recently. The “Open Interest” is an indicator that keeps track of the total amount of ETH-related positions currently open on all derivatives platforms.

When the value of this metric goes up, it means the investors are opening up new positions on the market right now. As new positions generally come with leverage attached to them, the overall leverage in the market rises when the Open Interest does. So, the asset’s price can become more likely to show volatility.

On the other hand, the indicator registering a decline implies the holders are either closing up positions of their own volition or getting liquidated by their platforms. Either way, the reduced leverage can lead to more stability for the cryptocurrency. Now, here is a chart that shows the trend in the Ethereum Open Interest over the past month: As the above graph shows, the Ethereum Open Interest has seen a spike recently as the cryptocurrency’s price has shown its recovery run. This isn’t particularly unusual, as rallies tend to attract a lot of attention and, with such interest, naturally follow a ton of speculation. However, the scale of the increase could be something to watch out for. From the chart, it’s apparent that this latest Open Interest increase has outweighed the September spike. A zoomed-out version of the chart shows that the last time the metric saw a larger 24-hour rise was back in May.

As mentioned earlier, an Open Interest increase can lead to more volatility in the price. This is because a mass liquidation event, popularly known as a squeeze, can become more likely to occur if the market is more leveraged.

In theory, this volatility can take Ethereum in either direction. However, the quant has pointed out that the funding rates are currently high, which suggests the sector is leaning towards being long-heavy. Thus, most of the new positions that have popped up on exchanges are likely long. Historically, conditions like these have created a ripe environment for a long squeeze. It remains to be seen how the coin develops in the coming future and whether a sharp correction in its price will occur alongside large long liquidations.

ETH Price

At the time of writing, Ethereum is trading at around $2,600, up more than 8% over the past week.

랜드마크카지노 검증업체 추천；온카패스

Sebastian Villafuerte — Tue, 15 Oct 2024 21:30:59 +0000

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. 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. 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. 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