Ethereum’s price has been stuck below $2,800 for a couple of weeks now. Buyers are struggling to push the price higher, leaving investors a bit nervous. Will it continue to drop, or is a big move coming?
A Potential Breakout?
Some experts think a breakout is on the horizon. Crypto analyst Carl Runefelt noticed Ethereum is forming a symmetrical triangle on the 4-hour chart. This pattern often means a big price swing is about to happen – either up or down.
If Ethereum breaks out upwards, it could easily hit $3,000. But if it breaks down, we could see further price drops.
Key Levels to Watch
The $2,700 mark is crucial right now. If Ethereum can hold above this level and push past $2,800, that would be a very bullish sign. Reclaiming the $2,800 to $3,000 range would be even better. Failure to do so could mean a more significant price correction.
Runefelt’s analysis points to $3,000 as the next target if the breakout is to the upside. Breaking above $2,800 would be a strong confirmation of this bullish scenario. Ethereum hasn’t been above $3,000 since early February.
What’s Next for ETH?
The mood among investors is mixed. Some are optimistic about a price rebound, while others are worried about further losses. The next few days will be critical.
Here’s the breakdown:
- If ETH holds above $2,700 and breaks $2,800: A move towards $3,000 is likely.
- If ETH falls below $2,700: Expect more downward pressure.
Everyone’s watching closely to see which way the price will go. It’s a waiting game for now.
