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Ethereum (ETH) is poised for an explosive bull phase after breaking decisively above the crucial $3,000 mark. This achievement has increased optimism among traders and investors, indicating a potential rally to all-time highs. ETH’s recent price action shows strong momentum, suggesting that the second-largest cryptocurrency by market cap is ready to reclaim its place in the spotlight.
Famed analyst and investor Carl Roenfeldt has reinforced this bullish outlook with compelling technical analysis. Sharing his thoughts, Roonevelt noted Ethereum’s impressive recovery and growing strength. He stressed that if the current momentum continues, the $6,000 level could be within reach sooner than many expect.
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According to Runefelt, Ethereum’s upward trajectory is supported by increased network activity, increased institutional interest, and broader adoption of its smart contract capabilities.
The recent rally in the cryptocurrency market, led by new all-time highs for Bitcoin, has created a ripe environment for Ethereum to follow suit. As traders focus on ETH’s ability to outperform other altcoins, all eyes are on whether it can sustain its breakout and push higher. The coming weeks will be crucial as Ethereum consolidates its position above $3,000, which could pave the way for a rally that could redefine the outlook for this cycle.
Ethereum test supply
Ethereum is on the verge of a major breakout as it approaches recent key supply levels before potentially embarking on a Bitcoin-like rally. After reclaiming its local highs with strong momentum, Ethereum has captured the attention of traders and investors looking for the next big move in the cryptocurrency market. Many believe that the current consolidation phase is just the calm before the bullish storm.
Runefelt recently shared a detailed technical analysis of Xhighlighting that Ethereum is preparing for a huge bullish wave. Runefelt emphasized that ETH mirrors Bitcoin’s recent explosive breakout, suggesting that Ethereum could be next to rally.
According to his analysis, this may be the last opportunity to buy ETH at relatively low prices before the market takes off. Runefelt set an ambitious price target of $6,000 and expects this level to be achievable once Ethereum breaks through the final supply zones.
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Ethereum’s potential rise is supported by a combination of technical strength and increased demand for its smart contract platform. With Bitcoin hitting all-time highs, the market focus is gradually shifting towards altcoins, especially Ethereum. If ETH breaks the current resistance level, it could spark a wave of buying pressure that sends prices to unprecedented levels.
Technical levels for testing ETH
Ethereum is currently trading at $3,110, following a 12% rebound from its recent local highs. Despite the pullback, ETH continues to show resilience, holding firmly above the 200-day moving average at $2,955. This key demand level is a strong indicator of long-term market strength and indicates that Ethereum remains in bullish territory despite short-term volatility.
The 200-day moving average is acting as an important support area, and its defense could pave the way for a significant rally in the coming days. If ETH maintains its position above this level for an extended period, it will indicate renewed bullish momentum and pave the way for a breakout to higher supply areas.
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The next major resistance level for Ethereum is at $3,450. A successful breakout and consolidation above this price point would confirm the breakout, putting ETH in challenge to its all-time high (ATH). Such a move could reignite bullish sentiment and attract new buying pressure from investors anticipating further gains.
Featured image by Dall-E, chart from TradingView
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