rewrite this title Ethereum Could Target $3,000 Once It Breaks Current Supply Levels – Analyst

Ethereum has experienced a prolonged consolidation below key resistance levels, struggling to find momentum as it continues to trade sideways. The price has been closing between $2,650 and $2,750 for the past week, creating uncertainty in the short term. With ETH facing selling pressure and unable to reclaim the $2,800 mark, investors are growing concerned about its ability to recover.

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Despite the recent choppy price action, some analysts believe Ethereum could be gearing up for a bullish move. Crypto expert Carl Runefelt shared a technical analysis on X, stating that Ethereum has been forming a bullish pattern on the daily time frame. If this pattern plays out, ETH could see a strong breakout in the coming days.

Ethereum is holding at crucial demand levels, making the next move critical for its short-term direction. If buyers step in and reclaim the $2,800 level, it could signal a trend reversal and open the door for a rally above $3,000. However, failure to hold support could lead to further downside, increasing selling pressure. With uncertainty looming, traders are closely watching ETH’s price action for confirmation of its next move.

Ethereum Consolidation Continues

Ethereum investors are trying to stay calm amid ongoing volatility, but fear continues to grow that ETH could see further downside if it fails to reclaim key levels. The price remains stuck in a tight range, trading between crucial liquidity levels of short-term demand and supply. Market sentiment is divided—some investors anticipate a deeper correction and prolonged consolidation, while others believe Ethereum is on the verge of a recovery rally.

Runefelt’s analysis on X states that Ethereum is forming a symmetrical triangle pattern and could break out “any hour now.” According to Runefelt, the target for this potential breakout is $3,055, a level that could serve as a turning point for ETH’s short-term trend. However, Ethereum must first reclaim the $2,800 mark and hold above it to confirm the start of a recovery phase.

If Ethereum successfully breaks above this resistance, it could trigger a strong rally, pushing prices back toward the $3,000 level. On the other hand, failure to hold support could lead to another wave of selling pressure. With uncertainty looming, all eyes are on ETH as traders await confirmation of its next major move.

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With Ethereum trading at a critical juncture, the coming days will be crucial in determining its short-term direction. If bulls sustain momentum and push the price above key resistance levels, confidence in a recovery rally will grow.

Price Testing Short-Term Supply

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 the $2,800 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.

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However, if ETH fails to break above $2,800 and faces rejection, the market could see renewed selling pressure. This scenario would likely send ETH back toward the $2,600 level, testing lower demand zones. With Ethereum trading in a tightening range, a breakout or breakdown seems imminent. Bulls need to step up and reclaim lost ground quickly, or bears may take control and push ETH into lower price levels. The next few daily closes will be crucial in determining Ethereum’s short-term direction.

Featured image from Dall-E, chart from TradingView