Ethereum is trying again to break past $4,000, getting closer to its record high. But there’s some uncertainty. Will it keep climbing, or will it fall behind other blockchains?
A Triangle of Tension
Recent price action shows Ethereum building momentum. Analyst Carl Runefelt points out a symmetrical triangle forming on the hourly chart. This pattern often means a big price swing is coming – either a surge to new highs or a drop. The next few weeks will be crucial. Breaking $4,000 could send it soaring; failing to do so might signal a downturn.
The $4,100 Hurdle and Beyond
Ethereum is battling strong resistance around $4,100. It’s poised for a significant move, but which way?
Runefelt highlights two key levels:
- Above $4,100: A bullish breakout, potentially pushing Ethereum to new highs.
- Below $3,675: A bearish signal, suggesting a deeper correction.
This symmetrical triangle shows building pressure, likely leading to big price swings soon.
Key Levels to Watch
Ethereum’s currently around $3,840, having failed to break $4,000. This $4,000 mark is a major psychological and technical barrier.
- Breaking $4,000: Could lead to a push towards $4,100 and beyond.
- Failing to break $4,000: Might cause a price drop to lower support levels.
- $3,500 Support: A crucial level. Falling below it could signal a bearish trend.
The next few days will be critical in determining Ethereum’s direction.
