Ethereum’s been stuck in a rut lately, trading sideways between $2,650 and $2,750 for a week. It’s failing to break through key resistance levels, leaving investors a bit nervous.
Is a Breakout Coming?
Despite the sideways action, some analysts think a big move is coming. One expert, Carl Runefelt, pointed out a bullish pattern forming on the daily chart. He suggests a breakout could happen soon, potentially sending ETH to $3,055.
The $2,800 Hurdle
The key level to watch is $2,800. If buyers can push the price above this and keep it there, it could signal a major turnaround, paving the way for a rally towards $3,000. But if it fails to hold, we could see more downward pressure.
A Tightrope Walk
The market’s feeling pretty uncertain right now. Some think Ethereum is due for a deeper correction, while others are betting on a recovery. It’s all about whether ETH can break through the current resistance.
Short-Term Supply and Demand
Ethereum’s currently around $2,750, still struggling to break above $2,700. The $2,800 level is a major hurdle – a strong supply zone that’s been holding it back. Breaking above $2,800 and holding there would be a very bullish sign, potentially leading to a push towards the 200-day moving average (around $2,930) and then, hopefully, $3,000. Failure to break $2,800, however, could send the price tumbling back towards $2,600.
The Bottom Line
Ethereum is at a crucial point. The next few days will be key. If buyers can maintain momentum and break through resistance, a rally to $3,000 is possible. But if they can’t, we might see further price drops. It’s a high-stakes game of wait-and-see.
