Ethereum is currently trading at its highest levels since July, around $3,470, maintaining a position above the crucial 200-day moving average of $2,965. This bullish structure is paving the way for potential upward momentum toward yearly highs near $4,000.
Analyst Carl Runefelt suggests that Ethereum could experience a substantial rally once it breaks through key resistance levels, particularly the $3,500 mark, potentially pushing the price to $3,700 rapidly. Institutional interest and consistent on-chain activity continue to support Ethereum's growth.
The current focus is on Ethereum's ability to break past the $3,500 resistance level convincingly. A strong breakout could lead to a rally toward $3,900 within days. However, failing to break through may cause sideways consolidation or even a correction.
This situation highlights Ethereum's role as a market leader. The outcome of this pivotal moment could set the tone for broader cryptocurrency trends, indicating a potential Altseason if Ethereum continues its upward path.
