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.
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,…
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