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Ethereum Upside Target Around $2,800 As Price Tests Key Resistance
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Ethereum Upside Target Around $2,800 As Price Tests Key Resistance

Sebastian Villafuerte
Sebastian Villafuerte
8 months ago
3 mins read
Ethereum Upside Target Around $2,800 As The Price Tests Key Resistance

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Ethereum is testing a key resistance level around $2,640, and many analysts believe that breaking this point could trigger a significant surge in price. As the entire crypto market gains strength, optimism is growing among investors, who are eagerly waiting for Ethereum to catch up with Bitcoin’s recent rally. 

The sentiment is positive, and traders are closely watching to see if ETH will make its move soon. Top analyst and investor Carl Runefelt has shared a technical analysis highlighting an optimistic outlook for Ethereum in the coming days. He believes that a successful breakout above $2,640 could push ETH to much higher levels, aligning with the market’s overall bullish trend. 

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As the market strengthens, the next week will be crucial, not just for Ethereum but for the entire crypto space, as investors prepare for what could be the start of a new rally.

With key resistance being tested and momentum building, Ethereum’s next move will likely set the tone for its performance in the short to mid-term. Investors and analysts are keeping a close watch, as the outcome of this resistance battle could determine the direction of Ethereum’s price action in the near future.

Ethereum Needs A Clean Breakout

Ethereum looks ready for a significant rally, with price action suggesting a move to new highs. The market is buzzing with excitement as greed rises and bullish momentum takes hold, pushing ETH toward a potential breakout. 

After weeks of accumulation, Ethereum is now flirting with breaking out of a bullish pattern, setting the stage for a possible surge.

Top analyst and investor Carl Runefelt has shared his technical analysis on X, highlighting that Ethereum needs a clean breakout from its current ascending triangle pattern.

Ethereum needs a clean break out of this ascending triangle
Ethereum needs a clean break out of this ascending triangle | Source: Carl Runefelt on X

According to Runefelt, the upside target is $2,800, which marks the last major resistance level from the two-month accumulation phase ETH has experienced. A successful breakout from this key structure would signal the start of a potential rally, fueling optimism across the market.

Runefelt also emphasized the importance of this lower timeframe price action, calling it crucial for Ethereum’s long-term development. Breaking above $2,800 could open the door to even higher levels, aligning ETH with the broader bullish sentiment seen across the crypto market. 

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With the bullish sentiment continuing to build, traders and investors are watching closely, anticipating whether ETH will finally catch up to Bitcoin’s recent rally and set a course for new highs.

Key Levels To Watch 

Ethereum is trading at $2,640 after six days of choppy price action, just below the key $2,650 resistance level. A breakout above this level is essential for bulls to regain momentum, followed by a reclaim of the 200-day exponential moving average (EMA) at $2,797. 

ETH testing key resistance at $2,650
ETH testing key resistance at $2,650 | Source: ETHUSDT chart on TradingView

However, there remains a risk that ETH could fail to break through this resistance, leading to a search for liquidity in lower demand zones. If the price cannot clear $2,650, a deeper retrace might occur as the market seeks support. 

Despite this risk, as long as Ethereum holds above the $2,500 mark, the broader bullish outlook remains intact, giving hope to investors expecting an eventual rally.

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In the coming days, Ethereum’s ability to break through these resistance levels will be crucial in determining whether it will continue its upward trajectory or face a temporary setback. The market remains cautiously optimistic, with traders watching closely for a decisive move above key resistance to confirm the next phase of the rally.

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

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