Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH?

Quick Summary:

This retrace has sparked renewed interest among investors, with top analyst and investor Carl Runefelt sharing a technical analysis that points to a promising setup for accumulation.  Runefelt highlights a bullish pattern emerging in ETH’s price action, indicating that this retracement could be a prime opportunity for long-term holders to accumulate more Ethereum before a potential rally.

Runefelt notes that breaking this resistance could trigger a significant upward move, potentially aligning ETH with broader market trends if BTC breaks into new all-time highs.  If Ethereum successfully clears the $2,800 level, it would confirm the bullish pattern and likely fuel a surge in price action.

This underperformance has drawn attention from analysts and investors alike, including top analyst Carl Runefelt, who recently shared an in-depth technical analysis on X.  Runefelt highlights Ethereum’s current formation around an ascending support level, suggesting that ETH’s current price could present one of the best accumulation opportunities before a potential rally.

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Article Details

Author / Journalist: Sebastian Villafuerte

Category: Crypto

Markets: United Kingdom

Topics: Ethereum support level Ethereum Ethereum price Ethereum Support Ethereum Analyst Ethereum technical analysis Ethereum news Ethereum ETH ETHUSDT

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 15:30:32 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 632 words

Reading Time: 4 minutes read

Sentences: 70 lines

Sentence Length: 10 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23365768

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Main Topics: Crypto

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