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Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance
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Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance

Sebastian Villafuerte
Sebastian Villafuerte
6 months ago
3 mins read
Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance

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Ethereum has been trading at its highest levels since late July, hovering around $3,470. This marks a significant rebound for the second-largest cryptocurrency, which has managed to hold above the crucial 200-day moving average (MA) at $2,965. By maintaining this level, Ethereum confirmed a bullish price structure, paving the way for continued momentum as it approaches its next milestone—yearly highs near $4,000.

Top analyst and investor Carl Runefelt recently shared his technical analysis on X, pointing out that Ethereum’s price action has built a solid foundation for further growth. According to Runefelt, Ethereum is poised for a substantial rally once it breaks above key resistance levels, signaling increased confidence among traders and investors.

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This bullish sentiment is further fueled by Ethereum’s consistent on-chain activity and growing institutional interest, which continue to support its upward trajectory. However, breaking past $4,000 will require Ethereum to overcome resistance zones that have historically triggered pullbacks.

As ETH consolidates gains, market participants are watching closely for signs of the next breakout, which could set the tone for the remainder of the year. Ethereum’s recent strength underscores its role as a market leader and a bellwether for broader cryptocurrency trends.

Ethereum Testing Crucial Supply

Ethereum is testing a crucial supply zone just below the $3,500 level, a key resistance that could propel the cryptocurrency to yearly highs in the coming days. This level has become a focal point for traders and investors, as breaking it would likely signal a bullish continuation of Ethereum’s recent momentum.

Top analyst Carl Runefelt recently shared his insights on X, emphasizing the significance of this resistance. According to his technical analysis, once Ethereum breaks through the $3,500 barrier, it could rapidly climb to $3,700, potentially within hours. The market sentiment surrounding Ethereum remains optimistic, with surging demand as a catalyst for further price gains.

Ethereum testing crucial resistance
Ethereum testing crucial resistance | Source: Carl Runefelt on X

Ethereum’s strength at this critical level is also reigniting speculation about a possible Altseason. If ETH continues its upward trajectory and attracts more capital, it could pave the way for other altcoins to follow suit. Historically, Ethereum’s price action has been a leading indicator for broader market movements, and this time appears no different.

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As ETH approaches this pivotal moment, all eyes are on its ability to maintain upward momentum. A strong push past $3,500 would confirm the bullish structure and set the stage for Ethereum to dominate market narratives in the weeks ahead.

Key Levels To Watch

Ethereum is trading at $3,470, hovering below the crucial $3,500 resistance level. This local high has become a key area of focus for traders and analysts, as breaking above it could set the stage for a significant rally. If Ethereum manages to push through this resistance with strength, it could trigger a breakout that propels the price toward $3,900 within days.

ETH testing crucial supply level
ETH testing crucial supply level | Source: ETHUSDT chart on TradingView

However, the market remains cautious about the potential risks associated with this pivotal moment. A failed breakout at the $3,500 mark could lead to sideways consolidation as Ethereum seeks stronger buying pressure to resume its upward momentum. In a more bearish scenario, a substantial correction could occur, driving ETH back to lower levels to establish a more solid base of support.

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The current price action highlights the importance of this resistance zone. A clean break above $3,500 would likely confirm Ethereum’s bullish structure and reinforce confidence in a continued uptrend. 

On the other hand, any hesitation or rejection at this level could signal the need for further consolidation before the next major move. As ETH approaches this critical juncture, the market is closely watching to determine its next direction and the potential implications for the broader crypto landscape.

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.

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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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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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