Ethereum (ETH) is currently trading above $2,600 after a slight dip from its recent high of around $2,750. Over the past couple of weeks, ETH has been steadily climbing, making investors optimistic about its future.
A Bullish Breakout?
A well-known analyst, Carl Runefelt, recently shared his technical analysis of Ethereum, suggesting that it has broken out of a bullish pattern that started forming in early August. According to Runefelt, if Ethereum can maintain its current level and show strong demand, we could see another significant rally soon.
Key Support Level
Ethereum is currently testing support at $2,600. If it holds above this level, it would confirm the bullish breakout and potentially lead to a strong rally. However, if it falls below $2,600, it could signal a change in direction and lead to further price drops.
Technical Levels to Watch
Ethereum is currently below its 200-day exponential moving average (EMA) at $2,795. If it can break above this level, it could signal a strong bullish continuation and push towards higher prices. However, if it fails to consolidate above $2,600, it could face further downward pressure.
The next few days will be crucial for Ethereum’s trajectory. Investors and traders are closely watching these key levels to see if ETH can continue its upward trend or face further downside pressure.
