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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Stays Within Symmetrical Pattern – Analyst Sets ETH Target

Sebastian Villafuerte
Sebastian Villafuerte
6 months ago
3 mins read
Ethereum Stays Within Simmetrical Pattern – Analyst Sets ETH Target

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Ethereum (ETH) is currently trading around $3,400, showing signs of indecision as it fails to establish strong support above this critical level. Recent price action reflects a lack of conviction among traders, leaving the market in a state of flux. Despite this uncertainty, Ethereum has managed to hold above key support zones that could act as a launchpad for a potential rally to new highs.

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Top crypto analyst Carl Runefelt recently provided technical insights into Ethereum’s price movement, noting that ETH stayed within a 4-hour symmetrical triangle formation over the weekend. This pattern often signals consolidation, with the potential for a breakout in either direction. While Ethereum’s current positioning keeps bulls hopeful, it also highlights the importance of maintaining these key levels to prevent further downside pressure.

As traders and investors closely watch Ethereum’s next moves, the market appears to be at a pivotal moment. Breaking decisively above $3,400 could spark renewed momentum while losing support might lead to a deeper retracement. For now, Ethereum’s resilience at critical levels keeps the possibility of a bullish reversal alive, but confirmation of a clear direction remains elusive.

Ethereum Testing Liquidity To Move

After weeks of underwhelming price action and a prolonged period of sideways trading, Ethereum appears ready to make a decisive move. The pressing question remains: will the breakout be to the upside or the downside?

Renowned crypto analyst Carl Runefelt recently shared his insights on X, revealing that ETH has maintained a position within a 4-hour symmetrical triangle pattern over the weekend. This technical setup often signifies a buildup of momentum, with the potential for a significant breakout in either direction. However, Ethereum’s trajectory is closely tied to Bitcoin’s performance, making BTC’s next move a critical factor.

Ethereum trading within symmetrical triangle
Ethereum trading within symmetrical triangle | Source: Carl Runefelt on X

Runefelt has identified clear targets for Ethereum based on Bitcoin’s behavior. If Bitcoin gains upward momentum, ETH could follow suit and push toward higher supply zones, with a bullish target of $3,900. On the other hand, a bearish move from BTC could drag ETH down, with the next key support level sitting at $2,920.

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Market participants are now bracing for a potential volatility spike as Ethereum’s price consolidates within the triangle. The coming days will be pivotal, as a confirmed breakout could set the tone for ETH’s price action in the weeks ahead. Whether it’s a rally toward new highs or a dip to retest lower supports, Ethereum is at a crucial crossroads.

Technical Levels To Keep An Eye On 

Ethereum is trading at $3,400 after several days of oscillating between $3,300 and $3,500, reflecting a market stuck in indecision. The tight trading range highlights the growing tug-of-war between bulls and bears as both sides await a clear signal for the next move.

ETH testing both supply and demand
ETH testing both supply and demand | Source: ETHUSDT chart on TradingView

For bullish momentum to regain control, ETH needs to reclaim the $3,550 level and establish it as a solid support. Doing so would likely trigger a rally toward higher resistance zones, potentially setting the stage for a larger breakout. However, the risks of downside action remain present. Losing the $3,300 support would expose Ethereum to sub-$3,000 levels, a scenario that could invite further selling pressure and dampen market sentiment.

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The coming days are critical for Ethereum as traders closely monitor the price’s behavior around these key levels. With uncertainty adding to the already cautious market atmosphere, many analysts anticipate a significant move on the horizon.

Whether ETH surges past resistance or slides into deeper corrections depends largely on broader market dynamics, including Bitcoin’s performance and macroeconomic trends. For now, Ethereum’s indecision reflects a market at a crossroads, leaving participants eager for clarity.

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
How Our News is Made

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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