Ethereum Consolidation Continues – Charts Signal Potential Breakout

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	378,487,974,996	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

378,487,974,996

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	73.55	2.39%	3,145.90	3,145.55	3,145.75

Price Change

Price Change %

Current Price

Bid Price

Offer

73.55

2.39%

3,145.90

3,145.55

3,145.75

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,149.37	3,034.15	3,071.43	3,072.35	1,930.86 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,149.37

3,034.15

3,071.43

3,072.35

1,930.86 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:58:40	0.092681	3,145.90	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:58:40

0.092681

3,145.90

USD

Price x Volume	Volume	Base Symbol	Related Pairs
202,312,287.16	65,143.01	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

202,312,287.16

65,143.01

Ethereum Consolidation Continues – Charts Signal Potential Breakout

21/11/2024 4:30am

NEWSBTC

Ethereum (ETH) has consolidated since November 12, when it hit a local high of $4,446. Despite Bitcoin’s impressive rally capturing market attention, Ethereum has struggled to maintain upward momentum and reclaim its yearly highs. The price action reflects a period of indecision, as ETH faces challenges in breaking through significant resistance levels that could reignite bullish sentiment. Related Reading: Bitcoin Demand Outweighs Supply As LTH Enter Active Distribution Phase While Ethereum lags behind Bitcoin in performance, analysts remain optimistic about its potential for a breakout. Notably, Carl Runefelt, a prominent crypto analyst, recently shared a technical analysis suggesting that ETH is on the verge of a major move. According to Runefelt, Ethereum must push above a key resistance level to trigger a breakout and rejoin the broader market’s bullish trend. As the second-largest cryptocurrency by market cap, Ethereum’s next steps will be crucial for traders and investors watching the market closely. A breakout above resistance could signal the start of a new upward phase, while continued consolidation might test the patience of market participants. With technical signals aligning and speculation building, Ethereum’s price action in the coming days will likely set the tone for its performance in the weeks ahead. Ethereum Prepares To Surge Ethereum has been underwhelming in its price action since March, struggling to keep pace with Bitcoin’s performance. Despite a few notable surges, ETH has yet to achieve the breakout investors eagerly anticipate. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed The prolonged consolidation has frustrated some traders, but an optimistic sentiment remains among those who believe Ethereum is poised for a significant rally once it clears key supply levels. Top crypto analyst Carl Runefelt recently shared his technical analysis on X, highlighting Ethereum’s current position within a bullish flag pattern. According to Runefelt, ETH has attempted to break out of this formation for the past two weeks, facing stiff resistance at critical supply zones. However, he remains confident that it could rapidly surge to $4,150 once Ethereum breaches this level. Such a move would mark a substantial percentage increase from current prices, sparking a wave of investor enthusiasm. The fear of missing out (FOMO) could drive additional buying momentum, creating a self-reinforcing price appreciation cycle. If ETH follows this trajectory, it would confirm the bullish flag breakout and signal Ethereum’s return to a dominant position in the crypto market. ETH Price Action: Technical Details Ethereum is trading at $3,120 following several days of sideways consolidation below its recent local high of $3,446. Despite the pause in upward momentum, ETH has shown strength by surging above the critical 200-day moving average (MA), currently at $2,957, and maintaining its position above this key technical indicator. The 200-day MA is often a pivotal line between bullish and bearish trends. Ethereum’s ability to stay above it signals robust support from buyers and growing confidence in the market. If ETH continues to hold this level, it could pave the way for a bullish surge, with the first target being the local top at $3,446. Beyond that, a break above this resistance level could see ETH aiming for yearly highs near $4,000, reigniting enthusiasm among traders and investors. Such a move would likely confirm Ethereum’s return to a sustained uptrend, aligning it more closely with Bitcoin’s recent bullish performance. Related Reading: Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target However, losing the 200-day MA as support could introduce risks of a pullback, potentially sending ETH to retest lower levels. Ethereum’s price action remains strong, with the market eagerly watching for the next significant move. Featured image from Dall-E, chart from TradingView

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Aquis Exchange
New York Stock Exchange
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Dow Jones Indices
Precious Metal

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