Ethereum is currently trading at $2,500 following a recent 9% decline from highs near $2,820. This price drop has drawn the attention of investors, with analyst Carl Runefelt suggesting it as an accumulation opportunity due to a bullish pattern emerging in Ethereum's price movement.
Runefelt emphasizes the importance of Ethereum holding around the $2,450 ascending support level, highlighting this as a potential entry point for long-term investors. A price rally could occur if Ethereum breaks past the $2,800 resistance, aligning with broader market trends if Bitcoin hits new all-time highs.
Despite trailing behind Bitcoin and altcoins like Solana, Ethereum's position could be favorable if it maintains current levels and continues consolidating. Traders are closely observing Ethereum's potential to break out and regain its status as a leading altcoin.
Currently, ETH is at $2,505 but struggles to sustain above the 200 moving average. Finding support near $2,450 will be crucial to avoiding further decline, while a rebound above $2,550 would indicate positive momentum, potentially setting the stage for a recovery phase.
This period proves critical for Ethereum's outlook, with the next few days pivotal for confirming whether it can overcome its underperformance and capitalize on broader market movements.
