🚨: Update 📈📉
*$ETH
Ethereum Faces Critical Test at 2,700: Breakout or Breakdown?*
Ethereum (ETH) is at a crucial juncture, currently hovering above2,500 despite ongoing market turbulence. Since early May, ETH has been trading in a narrow channel between $2,400 and$2,700, as investors await a decisive move from bulls or bears.
Renowned analyst Carl Runefelt highlights the 2,700 resistance level as the key battleground. A breakout above this level could ignite a strong rally, potentially pushing ETH above$3,000. However, failure to breach this resistance may drag Ethereum back to lower support levels, prolonging its consolidation phase.
While Ethereum has shown strength by reclaiming key support zones and outpacing many altcoins, it still faces technical pressure. $ETH ETH is forming a rising wedge — a bearish chart pattern that could signal a correction if momentum stalls.
The 50-day and 100-day moving averages have been flipped to support, but ETH must overcome the 200-day SMA at $2,791 to confirm a bullish breakout. Until then, upside potential remains limited.
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