Ethereum does not seem to be susceptible to gravity. Either forget that macroeconomic factors would be considered sideways or level off, because Ether is spattering through them. Since April, Ether has simply doubled in price, a 100%-plus increase that other cryptocurrencies are too slow to snatch. While the entire market goes to and fro in a panic, Ethereum, through cumulative buying, has actually, along with other catalysts, scaled new heights. This is more than just resilience; this is transformation on the march.
Crypto analyst Carl Runefelt sees a sleeping giant in Ethereum. While Bitcoin seems to be holding its breath, Runefelt says ETH is coiled and ready to spring. His prediction? If Bitcoin is going sideways, Ethereum is going to take off, break its consolidation triangle, and lead the markets higher. Runefelt emphasizes Ethereum’s leverage, being prepared to not just be the #2 cryptocurrency but also to be the trigger for a full altcoin season.
Ethereum flirts with destiny above $2,600. All eyes on the charts as ETH knocks on a door of crucial resistance. Will it break through the ceiling, unleashing a floodgate of euphoria for altcoins? A successful breach would turn from fade to fearless, and from established by contracts to cementing the second roaring act of a bull market, crowned by Ethereum as the uncontested king of the crypto-gangland.
Ethereum At A Pivotal Range: Bulls Eye Breakout
Through a coiled spring energy, ready now to unleash! A series of explosive bursts happened since April: more than enough time for a bull finish. And now ETH faces a tense standoff. Bulls and bears fight to establish dominance over the $2,650-$2,700 price point-the crucial level that can lead it down its next path. As if with the macroeconomic storm clouds rising-Treasury yields in the US and global tensions-ETH stands defiant, maintaining its bullish stance. Will it be able to break free and fly all the way, or will sell pressure bear it down? Everyone watching is all eyes on ETH and its next power move.
Runefelt expresses how Ethereum remains strangely resilient against a daily close of a crash, showing a very strong bullish undertone within it. If Bitcoin pulls back now, then this would be the precise time for Ethereum to release its pent-up power and erupt out of this consolidation triangle. This could start the altseason that the entire crypto world has been eagerly waiting for, with the huge bonfire set ablaze by Ethereum.
Prices are bullish technically. Price action has been ascending since April, forming a series of higher lows while staying comfortably atop moving averages across several timeframes. Price at $2300 is becoming a formidable launch pad. Next target, after a break of resistance, would then be $3100.
Before the coiled spring of Ethereum unleashes, a rather pivotal showdown will be witnessed through Runefelt’s crystal ball- going either all the way up to $3,100 or down to $2,300. This razor’s edge moment with increasingly subdued trading volume and brewing volatility gives an undertone of an impending breakout. Breaking resistance will not only put ETH at previously uncharted highs but will also unleash the forecast of a tidal wave for altcoins.
ETH Price Analysis – Daily Chart Overview
The price of Ethereum is in a tug-of-war at $2,616, with that defining ceiling up high. The 200-day SMA sits about $2,679. It has so far ruthlessly crushed every single attempt by ETH to break away from it. Imagine ETH knocking at $2,650 door a couple of times, only to be thrown back on its face. Will it finally manage to break free or will that resistance hold?
A spring surge from as low as $1,800, the upwards push of Ethereum seemed to have finished bearing fruit, just as it stumbled within a tight range of $2,480-$2,700. However, do not fare the bulls away just yet. A little positive force undulates beneath, with the 34-day EMA ($2,406) rising and a cluster of ascending short-term SMAs and in tide for a breakout.
ETH is trapped in a pullback zone, and the volume follows a straight and flat line, suggesting the indecision from the market. Bulls are itching for a breakout and are having their eyes glued on $2,700 as that magic number – a clean breakout really would let the coin rally for $3,000. On the flip side, a break below $2,480 may result in ETH plummeting to test the 100-day SMA at around $2,065.
Featured image from Dall-E, chart from TradingView
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