Ethereum is on the verge of a big move. Bitcoin’s recent surge has everyone watching to see if Ethereum will follow suit. Some analysts are worried that ETH might fall behind this time, but recent price action is showing signs of strength.
Ethereum’s Bullish Pattern
A top analyst, Carl Runefelt, has spotted a bullish pattern on Ethereum’s chart. He believes that if Ethereum breaks through this pattern, it could quickly rise to $2,870. This would be a major move for Ethereum, showing that it’s catching up with Bitcoin’s recent gains.
But there’s a risk:
If Ethereum can’t break through this resistance, it could stay stuck in a sideways trading range. This would be frustrating for investors hoping for a rally.
Key Levels to Watch
Ethereum is currently trading around $2,624. To regain momentum, it needs to break above this level and reclaim the 200-day EMA, which is around $2,800. This would signal that ETH is on track for further gains.
If Ethereum fails to break through this resistance, it could enter a sideways trading phase.
It might even drop back down to $2,450.
The Bottom Line
Ethereum is in a critical position right now. Its next move will determine whether it can break free from its current uncertainty or continue to face resistance. The broader crypto market is still volatile, so Ethereum’s ability to hold key levels will be crucial for its future.
