Fun

Ethereum Stays Within Symmetrical Pattern – Analyst Sets ETH Target

News Feed - 2024-12-31 03:12:55

Este artículo también está disponible en español.


Ethereum (ETH) is currently trading around $3,400, showing signs of indecision as it fails to establish strong support above this critical level. Recent price action reflects a lack of conviction among traders, leaving the market in a state of flux. Despite this uncertainty, Ethereum has managed to hold above key support zones that could act as a launchpad for a potential rally to new highs. Related Reading Metrics Reveal Cardano Whale Accumulation – Is ADA Poised For A Rally? 1 day ago


Top crypto analyst Carl Runefelt recently provided technical insights into Ethereum’s price movement, noting that ETH stayed within a 4-hour symmetrical triangle formation over the weekend. This pattern often signals consolidation, with the potential for a breakout in either direction. While Ethereum’s current positioning keeps bulls hopeful, it also highlights the importance of maintaining these key levels to prevent further downside pressure.


As traders and investors closely watch Ethereum’s next moves, the market appears to be at a pivotal moment. Breaking decisively above $3,400 could spark renewed momentum while losing support might lead to a deeper retracement. For now, Ethereum’s resilience at critical levels keeps the possibility of a bullish reversal alive, but confirmation of a clear direction remains elusive. Ethereum Testing Liquidity To Move


After weeks of underwhelming price action and a prolonged period of sideways trading, Ethereum appears ready to make a decisive move. The pressing question remains: will the breakout be to the upside or the downside?


Renowned crypto analyst Carl Runefelt recently shared his insights on X, revealing that ETH has maintained a position within a 4-hour symmetrical triangle pattern over the weekend. This technical setup often signifies a buildup of momentum, with the potential for a significant breakout in either direction. However, Ethereum’s trajectory is closely tied to Bitcoin’s performance, making BTC’s next move a critical factor. Ethereum trading within symmetrical triangle | Source: Carl Runefelt on X


Runefelt has identified clear targets for Ethereum based on Bitcoin’s behavior. If Bitcoin gains upward momentum, ETH could follow suit and push toward higher supply zones, with a bullish target of $3,900. On the other hand, a bearish move from BTC could drag ETH down, with the next key support level sitting at $2,920. Related Reading Bitcoin Whale Moves 8,000 BTC Aged 5-7 Years – What Happened Last Time 1 day ago


Market participants are now bracing for a potential volatility spike as Ethereum’s price consolidates within the triangle. The coming days will be pivotal, as a confirmed breakout could set the tone for ETH’s price action in the weeks ahead. Whether it’s a rally toward new highs or a dip to retest lower supports, Ethereum is at a crucial crossroads. Technical Levels To Keep An Eye On 


Ethereum is trading at $3,400 after several days of oscillating between $3,300 and $3,500, reflecting a market stuck in indecision. The tight trading range highlights the growing tug-of-war between bulls and bears as both sides await a clear signal for the next move. ETH testing both supply and demand | Source: ETHUSDT chart on TradingView


For bullish momentum to regain control, ETH needs to reclaim the $3,550 level and establish it as a solid support. Doing so would likely trigger a rally toward higher resistance zones, potentially setting the stage for a larger breakout. However, the risks of downside action remain present. Losing the $3,300 support would expose Ethereum to sub-$3,000 levels, a scenario that could invite further selling pressure and dampen market sentiment. Related Reading Dogecoin Whales Bought Over 90 Million DOGE In 48H – Details 2 days ago


The coming days are critical for Ethereum as traders closely monitor the price’s behavior around these key levels. With uncertainty adding to the already cautious market atmosphere, many analysts anticipate a significant move on the horizon.


Whether ETH surges past resistance or slides into deeper corrections depends largely on broader market dynamics, including Bitcoin’s performance and macroeconomic trends. For now, Ethereum’s indecision reflects a market at a crossroads, leaving participants eager for clarity.


Featured image from Dall-E, chart from TradingView

News Feed

ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program
ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program The application-specific integrated circuit (ASIC) manufacturer Canaan has revealed the firm is offer
ChatGPT users on macOS shocked to learn chats were stored unencrypted
Tristan Greene7 hours agoChatGPT users on macOS shocked to learn chats were stored unencryptedThe problem has since been resolved, but it begs the question of how such an oversight happened in the first place.1056 Total
XRP Multi-Timeframe Breakdown: Here’s What Comes Next
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,500, While BTC Continues to Consolidate
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,500, While BTC Continues to Consolidate Following recent multi-month highs, BTC continued to consolidate on Monday, as mark
Bitcoin․com Doubles Down on Self-Custody With Launch of Verse DEX
Bitcoin․com Doubles Down on Self-Custody With Launch of Verse DEX press release Bitcoin.com, a digital ecosystem and secure self-custody platform where users can safely and easily
Solana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns
Solana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns The Solana smart contract token network experienced a technical glitch on Saturday, February 25, 2023,
UAE Central Bank Unveils Plan to Launch Digital Currency
UAE Central Bank Unveils Plan to Launch Digital Currency The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part
SEC sues Consensys over MetaMask’s brokerage, staking services
Ana Paula Pereira6 hours agoSEC sues Consensys over MetaMask’s brokerage, staking servicesThe U.S. SEC claims Consensys has been operating as an unregistered broker through MetaMask.1390 Total views3 Total sharesListen
‘Education Is Power’— Jack Dorsey and Jay-Z Launch Bitcoin Academy in Brooklyn
"Education Is Power"— Jack Dorsey and Jay-Z Launch Bitcoin Academy in Brooklyn The founder of financial tech company Block Inc., Jack Dorsey announced he is collaborating with th
Eisenberg seeks to have Mango Markets fraud convictions thrown out
Derek Andersen7 hours agoEisenberg seeks to have Mango Markets fraud convictions thrown outEisenberg has insisted all along that his actions on Mango Markets were legal trading and not fraud or market manipulation.697 To
Mike Novogratz Says Institutions Are Buying Bitcoin, Politicians Need More Crypto Education
Mike Novogratz Says Institutions Are Buying Bitcoin, Politicians Need More Crypto Education Galaxy Digital CEO Michael Novogratz says that cryptocurrencies, such
Crypto’s Barren Wasteland: A Look at What’s Left of Terra’s Defi and Token Ruins
Crypto"s Barren Wasteland: A Look at What"s Left of Terra"s Defi and Token Ruins Following the Terra blockchain fallout and the great UST de-pegging event, the Terra network ecosys