Ethereum is approaching a crucial resistance level of $2,640, which could lead to a significant price surge if broken. This development aligns with the overall bullish sentiment prevailing in the crypto market, with investors hopeful that Ethereum will catch up with Bitcoin's rally.
Renowned analyst Carl Runefelt has shared his optimistic technical analysis, predicting that a breakout above $2,640 could propel Ethereum to $2,800. Such a move would resonate with the market's current strength and potentially mark the beginning of a new rally.
Traders are particularly focused on Ethereum's price action, noting that a clean breakout from its ascending triangle pattern could confirm a bullish trend. However, failure to surpass $2,650 might lead to a retracement as the market seeks liquidity.
Ethereum's ability to remain above $2,500 is vital for maintaining the broader positive outlook, and investors are watching for a decisive move that confirms the next phase of its price rally. The next few days are viewed as crucial for setting the tone of its short to mid-term performance.
