Ethereum Hovers at Crucial Juncture, Bulls Eye $2800 Breakout

Ethereum, the second-largest cryptocurrency by market capitalization, has been trading in a tight range for the past week, with prices oscillating between $2,650 and $2,750. This prolonged consolidation has left investors uncertain about the short-term direction of the asset. Despite the recent choppy price action, some analysts remain optimistic about Ethereum's prospects.

Crypto expert Carl Runefelt, in a technical analysis shared on X, highlighted a bullish pattern forming on Ethereum's daily time frame. If this pattern plays out, Ethereum could experience a strong breakout in the coming days. However, for this to happen, buyers must step in and reclaim the $2,800 level, which has been acting as a crucial resistance point. Failure to hold support at this level could lead to further downside and increased selling pressure.

Runefelt's analysis also indicated that Ethereum is forming a symmetrical triangle pattern, with a potential breakout target of $3,055. To confirm the start of a recovery phase, Ethereum must first reclaim the $2,800 mark and hold above it. A successful break above this resistance could trigger a strong rally, pushing prices back toward the $3,000 level. Conversely, failure to hold support could result in another wave of selling pressure, leaving the market uncertain about Ethereum's next major move.

As Ethereum trades at a critical juncture, the coming days will be crucial in determining its short-term direction. Bulls must sustain momentum and push the price above key resistance levels to build confidence in a recovery rally. Currently, Ethereum is trading at $2,750 after nearly two weeks of struggling to reclaim the $2,700 level. While bulls have held above key support levels, ETH remains stuck below crucial resistance, making price direction uncertain.

The most critical level that bulls must reclaim is the $2,800 mark, which has acted as a strong supply zone for weeks. If Ethereum closes above this level and holds above it, bullish momentum could build up, leading to a breakout. The next major target would be the 200-day Moving Average, which sits around $2,930. A push above this moving average would signal strength and open the door for ETH to test the $3,000 mark. However