Ethereum is trading near $3,400, caught in a pattern of indecision as traders await a clear direction. Ethereum's price is within a 4-hour symmetrical triangle, which suggests potential for a big move either up or down.
Carl Runefelt, a renowned analyst, suggested that Bitcoin's performance will play a significant role in Ethereum's next steps. If Bitcoin rises, Ethereum may target $3,900. Conversely, a drop in Bitcoin could see Ethereum fall to $2,920.
The market stands at a crucial point as Ethereum's price hovers between $3,300 and $3,500. Reaching $3,550 could spur positive movement, but losing $3,300 support might lead to further declines. Traders watch closely as any breakout or breakdown will determine the future trajectory of Ethereum.
