Mike Smith
6 days ago
With Bitcoin recently renewing its all-time high, investor attention is once again focused on Ethereum (ETH). The second-largest cryptocurrency traditionally shows a slow reaction compared to Bitcoin, which gives rise to expectations of imminent growth. Currently, the main resistance for ETH is concentrated in the range of $ 4,000-4,100, and the current price dynamics indicate an accumulation phase, which may become a harbinger of a significant breakthrough.
Analyst Carl Runefelt, known on the social network X under the nickname "The Moon", claims that a symmetrical triangle is forming on the Ethereum chart - a pattern that usually leads to a strong price movement. According to the expert, a break above $ 4,100 can consolidate the uptrend and pave the way for new peaks, including updating the all-time high. At the same time, a rebound from this level downwards can become a signal for a deeper correction.
According to Runefelt, the coming days will be critical for Ethereum, as the price has approached the decision point. The symmetrical triangle visible on the hourly timeframe foretells increased volatility. Two key levels play a decisive role: a confident breakout upwards will open up new prospects for buyers, while a decline below $3,675 will increase pressure from sellers and may lead to a local pullback.
The key aspect of the current situation remains the resistance in the $4,000–$4,100 region. This is an area that serves as an indicator of market participants' confidence. Overcoming this barrier will allow Ethereum to maintain momentum and attract new investors, strengthening the upward momentum. However, the lack of progress in this area may lead to a weakening of buying activity, which in turn increases the likelihood of a pullback.
If ETH fails to hold on to current levels, the nearest support is the $3,500 mark. This level is extremely important for supporters of the "bullish" scenario, as its loss can provoke a change in market sentiment and a strengthening of the downward trend.
Technical analysis indicates a strong confrontation between buyers and sellers. The symmetrical triangle is a classic signal of uncertainty, which is resolved in one of the directions by an impulse movement. An upward breakout will create conditions for testing annual highs, while the weakness of buyers can send the price in search of lower supports.
Investors and traders are closely monitoring the reaction of ETH to key levels. Maintaining the upward trend requires not only overcoming resistance, but also confident consolidation above it. Otherwise, Ethereum may lose its accumulated potential, opening the way for a downward correction. At the same time, the increase in volatility makes the upcoming sessions especially important for assessing the current prospects of the asset.
