All eyes are on Ethereum as the cryptocurrency market closely follows Bitcoin’s recent surge in value. Analysts and investors are now cautiously waiting for Ethereum to catch up, with some fearing that ETH’s performance this cycle may be lower than expected.

Ethereum’s recent price action has shown signs of strength, giving investors confidence that a potential breakout could be imminent. Ethereum is currently in an uptrend that, if broken, could lead to a massive rally in the coming weeks.

As Bitcoin leads and builds market momentum, ETH could follow suit, unlocking up-to-date gains and potentially signaling the beginning of a massive altcoin rally.

Investors are closely watching for signs that Ethereum will break out of consolidation and start rising as it remains one of the most closely monitored assets in the market.

Ethereum is flirting with explosive growth

Over the past few weeks, Bitcoin’s price has surged, leaving investors eagerly waiting for Ethereum to follow suit. Top analyst and investor Carl Runefelt shared his technical analysis on Xhighlighting the bullish pattern emerging on the 1-hour Ethereum price chart.

Runefelt analysis indicates an ascending triangle formation, which is generally a bullish indicator. According to him, if Ethereum manages to break this pattern, a rapid rise to $2,870 could be inevitable.

This price level represents a key target for Ethereum as it signals a robust upward move and confirms that the altcoin is catching up to Bitcoin’s recent performance.

However, there is still a risk that Ethereum could continue to trade sideways if it fails to break the current resistance level. In this case, ETH could remain trapped in consolidation for a longer period, which would cause further frustration among investors hoping for growth.

Despite these risks, market conditions are favorable for a potential Ethereum breakout as bullish sentiment increases. Analysts are watching closely, anticipating Ethereum’s explosive growth moment could arrive soon, setting the stage for significant gains.

Price levels to view

After three days of uncertainty and volatility, the price of Ethereum (ETH) is currently at $2,624. The price has recently risen 10% from the $2,400 area, showing signs of strength, but is currently facing a key resistance level.

For the bulls to regain momentum, Ethereum needs to break above the current price and reclaim its 200-day exponential moving average (EMA), which is $2,800. This significant level would signal that ETH is back on track for further gains, potentially catching up with Bitcoin’s recent gains.

However, if Ethereum fails to break above this key resistance and regain the 200-day EMA, it is at risk of entering a sideways consolidation phase. Failure to maintain current levels could lead to a rebound, with support likely around the $2,450 level.

Traders and investors are closely watching the price action as Ethereum’s next move will determine whether Ethereum will be able to break free from the current uncertainty or continue to face resistance in the coming days. As the broader cryptocurrency market remains volatile, Ethereum’s ability to maintain key levels will be crucial to its near-term prospects.

Featured image from Dall-E, chart from TradingView