The Ethereum price started the new week by extending last week’s gains, which kicked off after it bounced off support at $2,350. This run has seen the Ethereum price now pushing towards resistance at $2,800, which the bulls look forward to breaking before the week runs out.

In light of the recent Ethereum price move, a crypto analyst has noted that the leading altcoin is gearing up for a massive move, and things are about to get interesting.

Things Are About To Get Interesting With The Ethereum Price

According to the analyst, known as @IamCryptoWolf on social media platform X, the current market conditions and technical setup suggest that Ethereum could be gearing up for a significant breakout, hinting that “things are about to get interesting.

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The prediction is based on an analysis of Ethereum’s price action against the US dollar (ETH/USD) on a 3-day candlestick timeframe, where the analyst has identified the formation of an inverse head and shoulders pattern.

This inverse head-and-shoulders pattern is considered a powerful reversal signal in technical analysis, indicating a transition from a downtrend to an uptrend. The pattern consists of three distinct lows: the left shoulder, the head, and the right shoulder. 

The head forms the deepest low, while the two shoulders are smaller lows. The neckline, connecting the peaks between the shoulders, acts as a critical resistance level. Once price action breaks above this neckline decisevely, it often sparks a surge in bullish momentum.

In the case of Ethereum, the analyst identified this neckline at approximately $2,800. Ethereum has recently been trending upwards toward this level, suggesting that a breakout may be close. 

In terms of a breakout target, the analyst pointed to the $3,400 level as the first key price zone to watch. Breaking out of the $3,400 level would open up the path to Ethereum retesting its yearly high above $3,920 towards $4,000 and probably even creating a new one. 

The $3,400 and $3,920 price targets represent 25% and 45% increases, respectively, from the current price of Ethereum.

Ethereum And The Broader Market Context

The Ethereum price performance in 2024 has been closely tied to the overall market conditions, particularly Bitcoin’s movements. Many large market cap cryptocurrencies have started the week with gains, as many bullish traders look to continue on last week’s momentum.

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The Ethereum price broke above $2,700 for the first time in October during this weekend as many addresses crossed into the long-term holding cohort, further increasing the bullish sentiment. At the time of writing, Ethereum is trading at $2,720 and is up by 2.83% in the past 24 hours. 

As things stand, the coming days could be pivotal for the rest of the year, with Ethereum potentially gearing up for a significant upward move above $2,800, making things ‘about to get interesting’ indeed.

Featured image created with Dall.E, chart from Tradingview.com

Ethereum is testing a key resistance level around $2,640, and many analysts believe that breaking this point could trigger a significant surge in price. As the entire crypto market gains strength, optimism is growing among investors, who are eagerly waiting for Ethereum to catch up with Bitcoin’s recent rally. 

The sentiment is positive, and traders are closely watching to see if ETH will make its move soon. Top analyst and investor Carl Runefelt has shared a technical analysis highlighting an optimistic outlook for Ethereum in the coming days. He believes that a successful breakout above $2,640 could push ETH to much higher levels, aligning with the market’s overall bullish trend. 

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As the market strengthens, the next week will be crucial, not just for Ethereum but for the entire crypto space, as investors prepare for what could be the start of a new rally.

With key resistance being tested and momentum building, Ethereum’s next move will likely set the tone for its performance in the short to mid-term. Investors and analysts are keeping a close watch, as the outcome of this resistance battle could determine the direction of Ethereum’s price action in the near future.

Ethereum Needs A Clean Breakout

Ethereum looks ready for a significant rally, with price action suggesting a move to new highs. The market is buzzing with excitement as greed rises and bullish momentum takes hold, pushing ETH toward a potential breakout. 

After weeks of accumulation, Ethereum is now flirting with breaking out of a bullish pattern, setting the stage for a possible surge.

Top analyst and investor Carl Runefelt has shared his technical analysis on X, highlighting that Ethereum needs a clean breakout from its current ascending triangle pattern.

According to Runefelt, the upside target is $2,800, which marks the last major resistance level from the two-month accumulation phase ETH has experienced. A successful breakout from this key structure would signal the start of a potential rally, fueling optimism across the market.

Runefelt also emphasized the importance of this lower timeframe price action, calling it crucial for Ethereum’s long-term development. Breaking above $2,800 could open the door to even higher levels, aligning ETH with the broader bullish sentiment seen across the crypto market. 

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With the bullish sentiment continuing to build, traders and investors are watching closely, anticipating whether ETH will finally catch up to Bitcoin’s recent rally and set a course for new highs.

Key Levels To Watch 

Ethereum is trading at $2,640 after six days of choppy price action, just below the key $2,650 resistance level. A breakout above this level is essential for bulls to regain momentum, followed by a reclaim of the 200-day exponential moving average (EMA) at $2,797. 

However, there remains a risk that ETH could fail to break through this resistance, leading to a search for liquidity in lower demand zones. If the price cannot clear $2,650, a deeper retrace might occur as the market seeks support. 

Despite this risk, as long as Ethereum holds above the $2,500 mark, the broader bullish outlook remains intact, giving hope to investors expecting an eventual rally.

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In the coming days, Ethereum’s ability to break through these resistance levels will be crucial in determining whether it will continue its upward trajectory or face a temporary setback. The market remains cautiously optimistic, with traders watching closely for a decisive move above key resistance to confirm the next phase of the rally.

Featured image from Dall-E, chart from TradingView

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