Ethereum analyst predicts $3,700 if ETH breaks resistance

Ethereum has been trading at its highest level since late July, hovering around $3,470. This marks a significant bounce for the second-largest cryptocurrency above the important 200-day moving average (MA) of $2,965. By holding at this level, Ethereum confirmed its bullish price structure and laid the foundation for continued momentum as it approaches the next level, its annual high of $4,000.

Leading analyst and investor Carl Runefelt recently shared his technical analysis on X, noting that Ethereum’s price action has built a solid foundation for further growth. According to Runefelt, Ethereum is poised for a significant rally if it breaks above key resistance levels, increasing confidence among traders and investors.

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This optimistic sentiment is further fueled by Ethereum’s consistent on-chain activity and increasing institutional interest, which continues to support its upward trajectory. However, to break above $4,000, Ethereum will need to overcome the resistance zone that has historically triggered declines.

As ETH consolidates gains, market participants are closely watching for signs of the next breakout that could set the tone for the rest of the year. Ethereum’s recent strength highlights its role as a market leader and a leader in broader cryptocurrency trends.

Ethereum Test Conclusive Supply

Ethereum is testing a critical supply zone just below the $3,500 level, a key resistance that could push the cryptocurrency to yearly highs in the future. This level has become a focus for traders and investors. Breaking this would likely be a sign that Ethereum’s recent momentum will continue to be strong.

Top analyst Carl Runefelt highlighted the importance of this resistance when he recently shared his insights on X. According to his technical analysis, if Ethereum breaks the $3,500 barrier, it could quickly rise to $3,700, potentially within hours. Market sentiment surrounding Ethereum remains bullish, with surging demand acting as a catalyst for further price increases.

Ethereum’s strength at this critical level is reigniting speculation about a possible Altseason. If ETH continues its upward trend and attracts more capital, it could pave the way for other altcoins to follow suit. Historically, Ethereum’s price action has been a key indicator of broader market movements, and this time appears to be no different.

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As ETH approaches this critical moment, all eyes are on its ability to maintain upward momentum. A strong rise above $3,500 would confirm the bullish structure and set the stage for Ethereum to dominate the market narrative in the coming weeks.

Key levels to note

Ethereum is trading at $3,470 and remains below the important resistance level of $3,500. This has become a key area of ​​focus for traders and analysts as a break above the local high could set the stage for a significant rally. If Ethereum overcomes this resistance strongly, it could trigger a breakout that could push the price up to $3,900 within a few days.

However, markets remain cautious about the potential risks associated with this critical moment. A failed breakout of the $3,500 level could lead to a sideways consolidation as Ethereum seeks stronger buying pressure to resume upward momentum. In a more bearish scenario, a significant correction could occur, pushing ETH back to lower levels and establishing a more solid base of support.

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Current price action highlights the importance of this resistance zone. A clear break above $3,500 would confirm Ethereum’s bullish structure and strengthen confidence in its continued upward trend.

On the other hand, if any hesitation or resistance occurs at this level, it may be a sign that further integration is needed before the next major action. As ETH approaches this critical moment, the market is watching closely to determine ETH’s next direction and its potential impact on the broader cryptocurrency landscape.

Featured image by Dall-E, chart by TradingView