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.
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…
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