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Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details
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Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details

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Ethereum (ETH) has surged above $2,500, now testing a critical supply level that could spark a massive rally for both ETH and altcoins. 

After several days of anxiety and uncertainty, yesterday’s market surge has reignited optimism across the crypto space. Investors and traders are closely watching Ethereum’s price action, as a break above this crucial zone could signal the start of a significant upward trend, potentially setting the stage for an Altseason.

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Top analysts and investors await confirmation that ETH is poised to rally soon. Carl Runefelt, a well-known analyst and investor, has shared his technical analysis on Ethereum, suggesting that the long-awaited rally may be just around the corner. 

According to Runefelt, ETH’s breakout from the current supply zone could lead to a substantial price surge, attracting bullish momentum for Ethereum and a broader range of altcoins. 

The next few days are critical for Ethereum’s price action as the market awaits signals that could define the direction of this potential rally. Investors remain optimistic, anticipating that ETH could lead the market into its next major bullish phase.

Ethereum Testing Crucial Supply

Ethereum has been trading within a bullish triangle formation since early August, and the moment of truth for a potential breakout may be close. 

ETH has underperformed BTC throughout the year, causing many investors and traders to question ETH’s strength during this cycle. This trend led to a shift in confidence as Bitcoin continued to dominate, leaving Ethereum behind. 

However, during yesterday’s market pump, Ethereum showed renewed strength, outperforming Bitcoin for the first time in a while, signaling a possible shift in market dynamics.

Prominent crypto analyst Carl Runefelt recently shared a technical analysis on X, highlighting Ethereum’s imminent breakout from the bullish triangle pattern. 

Ethereum could break out of this bullish pattern soon and target $3,400
Ethereum could break out of this bullish pattern soon and target $3,400 | Source: Carl Runefelt on X

According to Runefelt, Ethereum is approaching a key moment, and a breakout from this pattern could lead to a major rally. He suggests that once ETH breaks through, the next supply zone to target is around $3,400, representing a significant upward move from current levels.

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This optimistic outlook comes from renewed positive sentiment across the market and Ethereum’s improved price action. Traders and investors are closely watching the next few days, as a successful breakout could mark the beginning of Ethereum’s long-awaited bullish trend and re-establish its strength relative to Bitcoin.

ETH Technical Levels To Watch

Ethereum is trading at $2,611 after a notable 7% surge yesterday. This upward momentum allowed the price to break past the $2,500 mark, a critical resistance level pushing the price down since the beginning of October.

Now, Ethereum is less than 8% away from the 200-day exponential moving average (EMA), currently at $2,806.

ETH breaks above $2,500 resistance
ETH breaks above $2,500 resistance | Source: ETHUSDT chart on TradingView

For bulls to gain control and establish a sustained uptrend, ETH must reclaim this 200-day EMA and close above the $2,800 level. Doing so would signal a continuation of bullish momentum and set the stage for a potential rally to higher price levels.

On the other hand, if Ethereum fails to hold above the $2,500 support level, a deeper correction may be on the horizon. In that case, the price could return to $2,300, where stronger demand may help stabilize the market.

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The next few days are crucial for Ethereum, as traders and investors are watching closely to see whether the price can hold its recent gains and break through key resistance levels.

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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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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