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Ethereum is making another attempt to break out of the $4,000 level while nearing all-time highs. Despite strong fundamentals, questions remain in the market about Ethereum's performance this cycle, with some expecting Ethereum to underperform amid intense competition from other blockchain ecosystems. However, Ethereum's recent price movements suggest that it is gaining momentum and investors are wary of a potential breakout.
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Top analyst Karl Runefeld recently shared his technical analysis, noting that Ethereum encountered strong resistance near $4,000 and is currently holding its value within a symmetrical triangle on the hourly chart. . This pattern often precedes a decisive move, with traders speculating whether ETH will break out to new highs or face a temporary decline.
Ethereum’s performance at this important level is likely to shape market sentiment in the coming weeks. A breakout of $4,000 could pave the way for a rally toward all-time highs and reignite investor confidence. On the other hand, failure to clear this resistance could justify bearish concerns and lead to a retrace. ETH remains at a critical crossroads, and all eyes are on whether it can successfully navigate this pivotal zone and make its next big move.
Preparing to move Ethereum
Ethereum is grappling with significant resistance above the $4,100 level, keeping the market in suspense as traders speculate on its next move. With prices stabilizing and showing signs of tension, Ethereum appears poised to take decisive action in the coming days. The key question remains: Will stocks rise further, or is a pullback imminent?
Sharing his insights on X, Runfeldt pointed out that Ethereum is currently trading within a symmetrical triangle on the hourly chart. This pattern is known to indicate a potential breakout or breakout. According to Runefelt, Ethereum's immediate future hinges on two important levels.
Trading Ethereum within this symmetrical triangle | Source: Karl Runefeld on X
A break above $4,100 would confirm a bullish trajectory and likely push ETH towards new highs. Conversely, a break below $3,675 would indicate bearish sentiment and open the door to a deeper correction.
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Runefeld emphasized the importance of these levels, noting that a symmetrical triangle suggests increasing pressure, which could lead to significant volatility over time. The next few days are shaping up to be pivotal in determining the direction of the market, as Ethereum maintains its position near critical resistance.
Remarkable technical level
Ethereum (ETH) failed to break out of the key resistance level of $4,000 and is currently trading at $3,840. Price remains solid and within this important level, but needs to clear $4,000 to confirm the continuation of the uptrend. Without a decisive breakout, ETH risks losing momentum, making traders and investors cautious about its next move.
ETH tests significant liquidity | Source: ETHUSDT chart on TradingView
The $4,000 level has proven to be a significant psychological and technical barrier for Ethereum, with multiple attempts to break above it facing selling pressure. A successful breakout of this resistance level could pave the way for ETH to aim higher, potentially pushing it towards yearly highs above $4,100.
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However, if Ethereum fails to overcome this hurdle, the market could see a reversion to a lower demand zone. The $3,500 area has emerged as a key support level that traders are closely monitoring. A decline to this level could provide a strong basis for a rebound, but the loss of this support could signal a shift to bearish sentiment.
Featured image from Dall-E, chart from TradingView
