Ethereum is currently making a strong push towards breaking the $4,000 level, inching closer to its all-time highs. Despite having solid fundamentals, there are doubts in the market about Ethereum’s performance this cycle, with some anticipating that it may struggle against fierce competition from other blockchain ecosystems. However, recent price movements indicate that Ethereum is gaining momentum, keeping investors eagerly awaiting a potential breakout.
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Renowned analyst Carl Runefelt recently shared a technical analysis, highlighting Ethereum’s encounter with strong resistance around the $4,000 mark. The cryptocurrency is now consolidating within a symmetrical triangle on the hourly chart, a pattern that often precedes a significant move. Traders are speculating whether Ethereum will break out to new highs or experience a temporary pullback.
Ethereum’s performance at this crucial level will play a significant role in shaping market sentiment in the upcoming weeks. A successful breakout above $4,000 could lead to a rally towards its all-time high, reigniting investor confidence. Conversely, a failure to surpass this resistance level might validate bearish concerns and trigger a retracement. As Ethereum stands at a critical juncture, all eyes are on its ability to navigate this pivotal zone and execute the next major move.
Ethereum Preparing To Move
Ethereum has been facing substantial resistance above the $4,100 level, leaving the market in suspense as traders await its next move. With the price consolidating and tension building, Ethereum seems poised to make a decisive move in the coming days. The key question remains: will it break higher, or is a pullback on the horizon?
Runefelt shared his insights, pointing out that Ethereum is currently trading within a symmetrical triangle on the hourly chart, a pattern that signals potential breakouts or breakdowns. According to Runefelt, Ethereum’s immediate future hinges on two critical levels.

A breakout above $4,100 would confirm a bullish trajectory, likely propelling Ethereum towards new highs. Conversely, a breakdown below $3,675 would indicate bearish sentiment, potentially leading to a deeper correction.
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Runefelt stresses the significance of these levels, noting that the symmetrical triangle suggests mounting pressure that could result in significant volatility soon. As Ethereum holds its ground near critical resistance, the next few days are crucial in determining its market direction.
Technical Levels To Watch
Ethereum (ETH) is currently trading at $3,840 after struggling to break above the pivotal $4,000 resistance level. While the price remains resilient and within reach of this key level, a clear breach of $4,000 is needed to confirm the continuation of its uptrend. Without a decisive breakout, Ethereum risks losing momentum, leaving traders and investors cautious about the next move.

The $4,000 level has proven to be a significant psychological and technical barrier for Ethereum, with multiple attempts to break it being met with selling pressure. A successful breach of this resistance would likely pave the way for Ethereum to target higher levels, potentially pushing towards the yearly high of $4,100 and beyond.
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However, failing to overcome this hurdle could lead to a retracement to lower demand zones. The $3,500 area is emerging as a critical support level that traders are monitoring closely. A dip to this level could provide a strong foundation for a bounce, but a break below this support might signal a shift towards bearish sentiment.
Featured image from Dall-E, chart from TradingView