Ethereum is testing a key resistance level near $2,640 and many analysts believe that a break of this point could result in a significant price escalate. As the overall cryptocurrency market gains strength, there is growing optimism among investors who are eagerly waiting for Ethereum to catch up with Bitcoin’s recent surge.

The sentiment is positive and investors are closely watching whether ETH will make a move soon. Top analyst and investor Carl Runefelt shared a technical analysis highlighting the bullish outlook for Ethereum in the coming days. He believes that a successful break above $2,640 could push ETH to much higher levels, which will be in line with the overall uptrend in the market.

As the market strengthens, the next week will be crucial not only for Ethereum but for the entire cryptocurrency space as investors prepare for the start of a up-to-date rally.

With key resistance being tested and momentum building, Ethereum’s next move will likely set the tone for its performance in the tiny to medium term. Investors and analysts are watching closely as the outcome of this resistance battle could determine the direction of Ethereum’s price action in the near future.

Ethereum needs a tidy break

Ethereum looks poised for a significant rally, with price action suggesting a move towards up-to-date highs. The market is buzzing as greed grows and gains bullish momentum, pushing ETH towards a potential breakout.

After weeks of accumulation, Ethereum is now flirting with a breakout from the bullish pattern, setting the stage for a possible rally.

Top analyst and investor Carl Runefelt shared his technical analysis on Xemphasizing that Ethereum needs a tidy breakout from its current ascending triangle pattern.

According to Runefelt, the upside target is $2,800, which marks the last major resistance level from the two-month accumulation phase that ETH has experienced. A successful breakout from this key structure would mark the beginning of potential growth, fueling optimism across the market.

Runefelt also emphasized the importance of this price action on lower time frames, calling it crucial to Ethereum’s long-term growth. A break above $2,800 could open the door to even higher levels, bringing ETH in line with the broader bullish sentiment seen in the cryptocurrency market.

As bullish sentiment continues to build, traders and traders are watching closely, anticipating whether ETH will finally catch up with Bitcoin’s recent surge and chart a course to up-to-date highs.

Key levels to watch

Ethereum is trading at $2,640 after six days of choppy prices, just below the key resistance level at $2,650. A break above this level is necessary for the bulls to regain momentum, which will be followed by a rebound to the 200-day exponential moving average (EMA) at $2,797.

However, there remains a risk that ETH will not break through this resistance, which will lead to a search for liquidity in lower demand zones. If the price is unable to break $2,650, a deeper pullback could occur as the market looks for support.

Despite these risks, as long as Ethereum remains above $2,500, the broader upside outlook will remain unchanged, providing hope for investors anticipating a possible rally.

In the coming days, Ethereum’s ability to break through these resistance levels will be crucial in determining whether Ethereum continues its upward trajectory or faces a momentary setback. The market remains cautiously positive, with investors closely watching a decisive move above key resistance to confirm the next phase of growth.

Featured image from Dall-E, chart from TradingView