Ethereum Bullish Pattern Signals Upcoming Rally – Analyst Sets $2,870 Target
2024-10-19

All eyes are on Ethereum as the crypto market watches closely following Bitcoin’s recent surge. Analysts and investors are now cautiously waiting for Ethereum to catch up, with some fearing that ETH’s performance in this cycle may fall short of expectations. 
Recent price action for Ethereum has shown signs of strength, giving investors confidence that a potential breakout could be near. Ethereum is currently trading within a bullish pattern that, if broken, could lead to a massive surge in the coming weeks. 
With Bitcoin leading the way and market momentum building, ETH could be poised to follow, unlocking new gains and potentially signaling the start of a powerful rally for the altcoin. 
Investors are closely watching for signs that Ethereum will break free from its consolidation and begin to climb, as it remains one of the most closely monitored assets in the market.
Ethereum Flirting With A Surge
Over the past few weeks, Bitcoin has surged, leaving investors eagerly waiting for Ethereum to follow suit. Top analyst and investor Carl Runefelt has shared his technical analysis on X, highlighting a bullish pattern emerging on Ethereum’s 1-hour price chart.
Runefelt’s analysis points to an ascending triangle formation, which is generally a bullish indicator. According to him, if Ethereum manages to break above this pattern, a rapid surge to $2,870 could be imminent. 
This price level represents a key target for Ethereum, as it signals a strong upward move and confirms that the altcoin is catching up with Bitcoin’s recent performance.
However, there are still risks that Ethereum could continue to trade sideways if it fails to break the current resistance level. In that case, ETH could remain trapped in consolidation for a longer period, which would cause further frustration among investors hoping for a rally. 
Despite these risks, market conditions favor Ethereum’s potential breakout as bullish sentiment grows. Analysts are watching closely, anticipating that Ethereum’s moment to surge could come soon, setting the stage for significant gains.
Price Levels To Watch
Ethereum (ETH) currently trades at $2,624 after three days of uncertainty and volatility. The price recently surged by 10% from the $2,400 area, showing signs of strength, but now faces a crucial resistance level. 
For the bulls to regain momentum, Ethereum needs to push above the current price and reclaim the 200-day exponential moving average (EMA), which is $2,800. This significant level would signal that ETH is back on track for further upside, potentially catching up with Bitcoin’s recent gains.
However, if Ethereum fails to break above this key resistance and reclaim the 200-day EMA, it risks entering a sideways consolidation phase. A failure to hold current levels could lead to a retrace, with support likely around the $2,450 mark. 
Traders and investors are closely watching the price action as Ethereum’s next move will determine whether it can break free from its current uncertainty or continue to face resistance in the coming days. As the broader crypto market remains volatile, Ethereum’s ability to hold key levels will be critical for its near-term outlook.
Featured image from Dall-E, chart from TradingView