CandleFocus

Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details

Author: Content Editor
Ethereum (ETH) has surged past $2,500 and is testing a critical supply level, which could lead to a significant rally for both ETH and altcoins. Analysts and investors are eagerly awaiting confirmation of an imminent rally for ETH, with the break above this crucial zone potentially signaling the start of an upward trend. Many investors believe that ETH could lead the market into its next major bullish phase. Ethereum has underperformed Bitcoin (BTC) throughout the year, but during yesterday's market surge, it showed renewed strength and outperformed BTC, indicating a possible shift in market dynamics. Analyst Carl Runefelt suggests that a breakout from the current bullish triangle formation could lead to a major rally, with the next supply zone to target being around $3,400. However, for a sustained uptrend, ETH must reclaim the 200-day exponential moving average (EMA) and close above the $2,800 level. The next few days are crucial for Ethereum, as the market watches to see if it can hold its recent gains and break through key resistance levels.

Related News