Ethereum is facing a critical moment as it struggles to regain bullish momentum, attracting investor attention anticipating a potential rally. This optimism is tied to the prospect of Altseason, where altcoins, including Ethereum, may see widespread gains.
Top analyst Carl Runefelt highlighted Ethereum's symmetrical triangle pattern on the 4-hour chart, a classic setup for a breakout. If Ethereum breaks upwards, Runefelt targets $3,980. Conversely, a downward move could see prices retrace to $2,920.
Ethereum has reclaimed $3,000 and is trading near the $3,550 resistance, which investors hope it will break to renew bullish momentum. Whether Ethereum surges past resistance or retests support levels in the coming days will be crucial in determining its short-term direction.
Currently at $3,360, Ethereum remains strong above $3,300 support. Holding this level is vital for sustaining momentum. Breaking above $3,350 could trigger a recovery, aiming to surpass $3,550 and challenge yearly highs. The outcome, watched by keen investors, could lead to quick price gains.
