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Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH?
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Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH?

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH?

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Ethereum is trading at $2,500, following a 9% pullback from recent highs after it failed to establish a higher high above $2,820. This retrace has sparked renewed interest among investors, with top analyst and investor Carl Runefelt sharing a technical analysis that points to a promising setup for accumulation. 

Runefelt highlights a bullish pattern emerging in ETH’s price action, indicating that this retracement could be a prime opportunity for long-term holders to accumulate more Ethereum before a potential rally.

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The coming days will be pivotal for Ethereum as the crypto market closely watches Bitcoin’s attempt to break its all-time highs. Should BTC achieve this feat, it would confirm a new bull run, likely bringing Ethereum. 

The crypto community is eagerly waiting to see if Ethereum can hold its ground above $2,400 and eventually surpass resistance at $2,820, potentially setting the stage for higher gains. Ethereum’s current levels and consolidation phase suggest a decisive move could unfold soon, making it a crucial time for ETH’s trajectory in the broader market cycle.

Ethereum Sideways Consolidation 

Ethereum has been lagging behind Bitcoin and several other altcoins like Solana, which have recently seen more robust price action. This underperformance has drawn attention from analysts and investors alike, including top analyst Carl Runefelt, who recently shared an in-depth technical analysis on X. 

Runefelt highlights Ethereum’s current formation around an ascending support level, suggesting that ETH’s current price could present one of the best accumulation opportunities before a potential rally.

Ethereum trading within bullish ascending support
Ethereum trading within bullish ascending support | Source: Carl Runefelt on X

Runefelt’s analysis points to a crucial ascending support level of around $2,450, which has held steady despite Ethereum’s pullbacks, maintaining a bullish structure. He emphasizes that if Ethereum continues to trend down, this support could be an attractive entry point for long-term investors looking to accumulate ETH while it’s relatively undervalued. 

The chart formation suggests a possible price floor, which, if buyers intervene, could catalyze a move toward higher levels.

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On the upside, Ethereum faces a key resistance at $2,800. Runefelt notes that breaking this resistance could trigger a significant upward move, potentially aligning ETH with broader market trends if BTC breaks into new all-time highs. 

If Ethereum successfully clears the $2,800 level, it would confirm the bullish pattern and likely fuel a surge in price action. This breakout could signal that Ethereum is ready to catch up to Bitcoin and outperform altcoins, creating a more favorable outlook for ETH in the broader market landscape.

The next few days will be crucial for Ethereum’s trajectory as it continues to hold above the ascending support level. Traders and investors are watching closely to see if ETH can break out of its recent underperformance and reclaim its position as an altcoin leader.

ETH Technical Details 

Ethereum is trading at $2,505 after a failed attempt to hold above the 4-hour 200 moving average (MA) at $2,530. This slip below the 200 MA has put ETH in a precarious position as it seeks new demand levels to stabilize the recent retrace. The price is nearing a crucial support level, and breaking below this area could trigger a significant correction, adding considerable downside risk to Ethereum’s current price action.

ETH trading below the 4H 200 MA
ETH trading below the 4H 200 MA | Source: ETHUSDT chart on TradingView

For Ethereum to avoid a deeper drop, finding support around the $2,450 mark is essential. If buyers step in and manage to keep ETH above this level, it would signal a positive shift in momentum. An even stronger bullish indicator would be if ETH rebounds and pushes above the $2,550 level, which would help restore confidence in the asset and signal a potential recovery phase.

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Such a move could mark the end of the retrace and position ETH for further upside in the coming sessions. However, until the price finds solid footing, ETH remains vulnerable to further declines, making this a pivotal moment for the asset’s short-term outlook.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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