Ethereum is currently testing a significant resistance level near $2,640, with many analysts suggesting that a breakthrough at this point could initiate a substantial price increase. As the entire cryptocurrency market gathers momentum, investor optimism is rising, with many eager for Ethereum to align with Bitcoin’s recent gains.
Market sentiment is looking favorable, and traders are carefully observing to determine if ETH will make a decisive move soon. Leading analyst and investor Carl Runefelt has shared a technical analysis indicating a positive outlook for Ethereum in the near future. He believes that a successful breakout above $2,640 could propel ETH to significantly higher prices, in line with the market’s bullish trend.
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As the market gains strength, the upcoming week will be vital not only for Ethereum but for the entire crypto industry, as investors brace for what may mark the inception of a new rally.
With crucial resistance being tested and bullish momentum building, Ethereum’s next move is likely to set the pace for its performance in the short to mid-term. Investors and analysts remain vigilant, as the results of this resistance test could dictate the direction of Ethereum’s price movements in the imminent future.
Ethereum Requires A Clear Breakout
Ethereum appears poised for a substantial rally, with current price movements indicating a push towards new peaks. The market is alive with excitement as sentiment grows and bullish energy strengthens, pushing ETH closer to a potential breakout.
Following weeks of consolidation, Ethereum seems on the verge of breaking out of a bullish configuration, positioning itself for a potential price surge.
Top analyst and investor Carl Runefelt has shared his technical insights on X, emphasizing that Ethereum needs a clean breakout from its existing ascending triangle pattern.

According to Runefelt, the upside target is $2,800, which signifies the last significant resistance level from the two-month consolidation phase ETH has endured. A successful breakout from this critical level could signal the onset of a potential rally, instilling confidence throughout the market.
Runefelt also highlighted the significance of this lower timeframe price action, labeling it essential for Ethereum’s long-term growth. A breakout above $2,800 would pave the way for even higher levels, positioning ETH favorably alongside the broader bullish sentiment in the crypto market.
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With positive sentiment gathering strength, traders and investors are attentively observing whether ETH will finally synchronize with Bitcoin’s recent upswing and chart a path toward new highs.
Critical Levels To Monitor
Ethereum is trading at $2,640 after several days of volatile price action, sitting just below the pivotal $2,650 resistance level. A breakout above this point is crucial for bulls to regain momentum, with the next target being a reclaim of the 200-day exponential moving average (EMA) at $2,797.

Nonetheless, there remains the potential for ETH to struggle in breaking through this resistance, which could lead to an exploration for liquidity in lower demand zones. If the price fails to surpass $2,650, a more pronounced retracement might happen as the market searches for support.
Despite this potential drawback, as long as Ethereum remains above the $2,500 threshold, the overarching bullish sentiment stays intact, offering encouragement to investors hoping for an eventual rally.
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In the days ahead, Ethereum’s capacity to breach these resistance levels will be pivotal in determining whether it will sustain its upward trend or encounter a temporary reversal. The market remains cautiously optimistic, with traders keeping a close eye out for a definitive move above key resistance that could validate the next phase of the rally.
Featured image from Dall-E, chart from TradingView