Ethereum (ETH) Price Analysis: ETH Pushes Above $2,600, Targeting $3,400 as Bullish Pattern Breaks Out
- Linda HamiltonOriginal
- 2024-10-23 04:28:09256browse
Ethereum (ETH) trades above $2,600 after a 5% retrace from local highs around $2,750. Over the past two weeks, ETH has maintained a bullish trajectory
Top cryptocurrencies are displaying mixed price action on Monday, with Bitcoin (BTC) trading sideways and Ethereum (ETH) continuing to slide after a 5% retrace from local highs around $2,750.
While BTC has shown signs of strength with a recent rally, ETH has underperformed this year compared to other major cryptocurrencies. This has left many investors wondering why and speculating on ETH’s future price trajectory.
To provide some insight, top analyst and investor Carl Runefelt recently shared a technical analysis, highlighting that Ethereum has broken out of a bullish pattern that began forming in early August. According to Runefelt, once ETH confirms solid demand around its current level, it's only a matter of days before the next rally kicks off.
If price action holds, it could send ETH to $3,400, according to Runefelt's analysis. This breakout is a key signal for Ethereum, but its sustainability depends on whether the price can successfully retest the upper triangle line, which had previously acted as resistance.
After breaking out of the symmetrical triangle on the daily timeframe, ETH is now testing support at a crucial level. If the price closes below $2,600, it would invalidate the bullish thesis of the symmetrical triangle and could open up further ETH price drops, putting a dent in the optimism surrounding its future price action.
However, if Ethereum manages to hold above this level, it could indicate that the breakout is still intact, paving the way for a strong rally as the broader market prepares for a bull run.
The coming days will be critical in determining ETH's next price move, with support and resistance levels playing a key role in shaping its trajectory.
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