Ethereum is trading at $2,500, down 9% from recent highs after failing to set a higher high above $2,820. This pullback has sparked renewed investor interest, with leading analyst and investor Carl Runefelt sharing technical analysis that points to a promising accumulation setup.

Runefelt highlights the bullish pattern emerging in ETH price action, pointing out that this pullback could be an excellent opportunity for long-term holders to accumulate more Ethereum ahead of a potential rally.

The coming days will be crucial for Ethereum as the cryptocurrency market closely monitors Bitcoin’s attempt to break through its all-time highs. If BTC accomplishes this feat, it will confirm a up-to-date bull run, likely bringing in Ethereum.

The cryptocurrency community is eagerly waiting to see if Ethereum can hold above $2,400 and eventually break above the resistance at $2,820, potentially setting the stage for more gains. Ethereum’s current levels and consolidation phase suggest that a decisive move could be imminent, making this a pivotal moment for ETH’s trajectory in the broader market cycle.

Ethereum lateral consolidation

Ethereum is lagging behind Bitcoin and several other altcoins such as Solana, which have seen more strong price action recently. This indigent performance has attracted the attention of both analysts and investors, including top analyst Carl Runefelt, who recently shared an in-depth technical analysis of X.

Runefelt highlights Ethereum’s current pattern around a rising support level, suggesting that the current ETH price could represent one of the best opportunities to accumulate ahead of a potential rally.

Runefelt’s analysis points to a key rising support level around $2,450, which is holding steady despite Ethereum’s declines, maintaining a bullish structure. He highlights that if Ethereum’s trend continues to decline, this support could be an attractive entry point for long-term investors looking to accumulate ETH while it is relatively undervalued.

The chart pattern suggests a possible floor price which, if buyers intervene, could catalyze a move towards higher levels.

On the other hand, Ethereum faces key resistance at $2,800. Runefelt notes that a break of this resistance could trigger a significant move higher, potentially aligning ETH with broader market trends if BTC reaches up-to-date all-time highs.

If Ethereum successfully breaks the $2,800 level, it will confirm the bullish pattern and likely lead to a surge in prices. This breakout could signal that Ethereum is poised to catch up with Bitcoin and overtake altcoins, creating a more favorable outlook for ETH in the broader market landscape.

The next few days will be crucial for Ethereum’s trajectory as it continues to hold above rising support levels. Traders and investors are closely watching whether ETH can overcome its recent indigent performance and regain its position as an altcoin leader.

ETH technical details

Ethereum is trading at $2,505 after failing to stay above the 4-hour moving average (MA) at $2,530. This drop below the 200 MA has put ETH in a precarious position as it seeks up-to-date demand levels to stabilize the recent pullback. The price is approaching a key support level, and a break below this area could trigger a significant correction, increasing the downside risk of Ethereum’s current price action.

For Ethereum to avoid a deeper decline, it is significant to find support around the $2,450 level. If buyers step in and manage to keep ETH above this level, it will signal a positive change in momentum. An even stronger bullish indicator would be for ETH to rebound and breach the $2,550 level, which would assist restore confidence in the asset and signal a potential recovery phase.

Such a move could signal the end of the pullback and position ETH for further gains in the coming sessions. However, until the price achieves solid fundamentals, ETH remains vulnerable to further declines, making this moment crucial for the asset’s near-term prospects.

Featured image from Dall-E, chart from TradingView