Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target
2024-10-22

Ethereum (ETH) trades above $2,600 after a 5% retrace from local highs around $2,750. Over the past two weeks, ETH has maintained a bullish trajectory, sparking optimism across the market as investors look for further signs of strength in the price action.
Top analyst and investor Carl Runefelt recently shared a technical analysis, highlighting that Ethereum has broken out of a bullish pattern that began forming in early August. According to Runefelt, once ETH confirms solid demand around its current level, it’s only a matter of days before the next rally kicks off.
With the broader crypto market gaining momentum, Ethereum is positioned to continue climbing, and investors are closely watching for confirmation of support at this key level. If ETH holds, the next leg up could be targeting higher price zones, adding to the bullish sentiment. The coming days will determine whether Ethereum can resume its upward trend and capitalize on the ongoing market strength.
Ethereum Pushing Above $2,600
Ethereum has underperformed compared to Bitcoin this year, leaving many investors concerned as the next bull run approaches. While Bitcoin has surged, Ethereum has struggled to rally with the same strength. This has sparked worry among ETH holders, who expected the second-largest cryptocurrency by market cap to lead the charge.
Top analyst Carl Runefelt recently shared a compelling analysis on X. The analysis features a price chart that reveals Ethereum breaking out of a symmetrical triangle on the daily timeframe—a classic bullish pattern. 
If price action holds, it could send ETH to $3,400, according to Runefelt’s analysis. This breakout is a key signal for Ethereum, but its sustainability depends on whether the price can successfully retest the upper triangle line, which had previously acted as resistance.
Currently, Ethereum is testing support at this critical level, with $2,600 being the line in the sand. A close below $2,600 would invalidate the symmetrical triangle’s bullish thesis and could lead to further downside, putting a dent in the optimism surrounding ETH’s future price action. 
However, if Ethereum holds above this level, it could signify that the breakout is intact, setting the stage for a strong rally as the broader market prepares for a bull run. The next few days will be crucial for ETH’s trajectory.
Price Action: Technical Levels To Watch 
Ethereum is at $2,620 after failing to reclaim the 200-day exponential moving average (EMA) at $2,795. The price is testing support around the crucial $2,600 level, which will determine the direction of ETH’s price action in the coming days.
If Ethereum holds above this level, the next target would be back above the 1D 200 EMA at $2,800. This is a crucial price zone as it aligns with ETH’s local high set in late August at $2,820.
A successful breakout above $2,800 would signal a strong bullish continuation, making a push toward higher levels imminent. However, if ETH fails to consolidate above $2,600, the risk of a retracement to lower demand zones becomes increasingly likely. 
Traders and investors closely watch these levels as Ethereum seeks to regain momentum amid broader market uncertainty. The next few days will be critical in determining whether ETH continues its upward trend or faces further downside pressure.
Featured image from Dall-E, chart from TradingView