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Ethereum has faced challenges in regaining its bullish momentum, leaving altcoin trading at a pivotal level. Ethereum is at the center of attention of investors who are anticipating a potential rally in the coming weeks. This optimism is fueled by expectations that the resurgence of Ethereum could mark the beginning of the long-awaited Altseason, bringing widespread gains across the altcoin market.
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Senior Analyst Karl Rohnfelt recently shared a compelling technical analysis on X, highlighting Ethereum forming a symmetrical triangle pattern on the 4-hour time frame. According to Ronfelt, this pattern is a classic precursor to a breakout, with an upside target above $3,980 set. Such a move would signal a strong return to Ethereum’s bullish momentum, cementing its position as a leading asset in the cryptocurrency market.
Market participants are watching this pattern closely, as a confirmed breakout could trigger a broader rally across altcoins. but, Ethereum must first overcome this critical level To enhance his upward outlook. With the market at a crossroads, the coming weeks will be crucial for Ethereum’s trajectory and its role in launching the next major phase of growth in the cryptocurrency market.
Ethereum is poised to rise
Ethereum has reclaimed the $3,000 mark, maintaining its strong position after weeks of consolidation. Currently, ETH is trading within a narrow range, capped by resistance at $3,550. This critical zone has captured the attention of analysts and investors eager for Ethereum to break out and surpass its yearly highs, indicating renewed bullish momentum.
Senior analyst Carl Roenfeldt recently Share detailed technical analysis on Xfocusing on the formation of a symmetrical triangle pattern on the 4-hour Ethereum time frame. According to Ronfelt, this pattern indicates a high probability of a significant price movement, although the direction remains uncertain.
The upside target is expected to be at $3,980 if ETH breaks above the triangle. This level would reaffirm Ethereum’s strength and likely inspire confidence among market participants. Conversely, if the pattern breaks down lower, Runefelt expects a rebound to $2,920, representing a critical test of Ethereum’s ability to hold key support levels.
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The coming days are expected to be pivotal for Ethereum As this symmetrical triangle approaches its solution. Whether ETH crosses resistance or declines to retest support, the outcome will have major implications for its short-term trend and long-term outlook. Investors are watching these moves closely, waiting for signs of the next big move for Ethereum.
Price Action: Monitor the main order
Ethereum is trading at $3,360, showing resilience after settling above the critical support level of $3,300. This area remains a key threshold for bulls aiming to maintain momentum and push prices higher. Stability above $3,300 is essential, as a break above this level could lead to a deeper correction, possibly retesting lower support areas and dampening bullish sentiment.
On the flip side, if ETH creates a solid base above $3,350, it could pave the way for a quick recovery. A rally beyond the $3,550 resistance level will likely reignite bullish momentum, leaving Ethereum ready to challenge its yearly highs. This level represents an important psychological and technical milestone, and restoring it would indicate market strength.
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Ethereum’s ability to hold or break these levels will determine its course in the short term. Analysts are optimistic that a rise above $3,550 could lead to quick price gains. Reflecting renewed confidence in the performance of the broader Ethereum market. Right now, ETH price consolidation above $3,300 indicates cautious optimism, with the potential for a strong move in either direction depending on how these levels are defended or broken.
Featured image by Dall-E, chart from TradingView
