Ethereum Could Target $3,000 Once It Breaks Current Supply Levels – Analyst
February 20 2025 - 6:00PM
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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.
Related Reading: Solana Sweeps Lows But Recovers – Can Bulls
Reclaim $185 by Friday? 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. Related Reading: Ethereum Holds Multi-Year Bullish
Structure – Time For A Comeback? 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. Related Reading: Bitcoin STH
Realized Profit Reveals Strong Support Level – Time For A Breakout?
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
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