Ethereum (ETH) is currently trading around $3,400, showing signs of indecision as it has failed to establish forceful support above this critical level. The 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 serve as a launching pad for a potential rally towards up-to-date highs.

Leading cryptocurrency analyst Carl Runefelt recently provided technical insight into Ethereum’s price movement, noting that ETH remained in 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 position is hopeful for bulls, it also highlights the importance of maintaining these key levels to prevent further downward pressure.

As traders and investors closely watch Ethereum’s next moves, the market appears to be at a pivotal moment. A decisive break above $3,400 could restore momentum, and a loss of support could lead to a deeper pullback. For now, Ethereum’s resistance at critical levels maintains the possibility of a bullish reversal, but confirmation of a clear direction remains elusive.

Ethereum is testing liquidity to move

After weeks of disappointing price action and an extended period of sideways trading, Ethereum appears ready to make a decisive move. The burning question remains: will the breakout be up or down?

Renowned cryptocurrency analyst Carl Runefelt recently shared his observations about Xrevealing that ETH maintained position within a 4-hour symmetrical triangle over the weekend. This technical setup often means increasing momentum with the potential for a significant breakout in either direction. However, Ethereum’s trajectory is closely tied to Bitcoin’s performance, which makes BTC’s next move a critical factor.

Runefelt identified clear targets for Ethereum based on Bitcoin’s behavior. If Bitcoin gains upward momentum, ETH could follow suit and push towards higher supply zones, with a bullish target of $3,900. On the other hand, a bearish move from BTC could push ETH lower, with the next key support level coming in at $2,920.

Market participants are now bracing for a potential raise in volatility as Ethereum’s price consolidates into a triangle. The coming days will be crucial as a confirmed breakout could set the tone for ETH price action in the coming weeks. Whether it’s a rally towards up-to-date highs or a decline to retest lower supports, Ethereum is at a key crossroads.

Technical levels worth paying attention to

Ethereum is trading at $3,400 after swinging between $3,300 and $3,500 for several days, reflecting a market stuck in indecision. The tight trading range highlights the growing competition between bulls and bears as both sides wait for a clear signal for their next move.

For bullish momentum to regain control, ETH must reclaim the $3,550 level and establish it as solid support. Doing so would likely trigger a rally towards higher resistance zones, potentially setting the stage for a larger breakout. However, the risk of downside action remains present. Losing support at $3,300 would expose Ethereum to levels below $3,000, which could trigger further selling pressure and worsen market sentiment.

The coming days will be critical for Ethereum as investors closely monitor price behavior around these key levels. As uncertainty deepens an already cautious market atmosphere, many analysts predict significant movement on the horizon.

Whether ETH breaks above resistance or enters 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 craving transparency.

Featured image from Dall-E, chart from TradingView