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Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target

Author: Content Editor
Ethereum (ETH) recently experienced a 5% drop from its local highs but is still trading above $2,600. The cryptocurrency has maintained a bullish trajectory over the past two weeks, generating optimism among investors. Top analyst Carl Runefelt believes that once ETH confirms solid demand at its current level, a rally will be imminent. However, Ethereum has underperformed compared to Bitcoin this year, causing concern among investors. Runefelt's analysis suggests that if Ethereum can successfully retest the upper triangle line, it could reach $3,400. Currently, Ethereum is testing support at $2,600, and a close below this level could lead to further downside. On the other hand, a hold above this level would indicate a strong rally. The direction of Ethereum's price action in the coming days will be crucial in determining its future trajectory.

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