Ethereum (ETH) has encountered difficulties breaking past this year’s high of approximately $2,150, prompting concerns about a potential double-top pattern that could lead to a price reversal. The latest market data reveals that Ethereum is trading around $1,985 during the early Asian and London markets on Wednesday, marking a 3.6 percent decrease over the past 24 hours. Nevertheless, Ethereum’s trading volume has seen a significant uptick, as it remains the favored platform for numerous altcoins gradually breaking out of their prolonged consolidations.

Ethereum’s Price Action:

Prominent crypto analyst Ali Charts, operating on the X platform, has identified a challenging resistance zone between $2,000 and $2,150 for Ethereum, posing a threat to the short-term bullish sentiment. Ali Charts has illustrated an intriguing pattern on Ethereum’s 3-day chart – a symmetrical ascending triangle. Consequently, the analyst suggests that traders should be prepared for a potential pullback in the coming days.

Despite these challenges, Ali Charts highlights a possible path to invalidate the bearish outlook. This entails Ethereum’s price closing above the $2,150 mark with sustained 3-day candlestick support.

The Ethereum market has seen a surge in bullish sentiment, driven in part by recent developments such as BlackRock, a $9 trillion fund manager, filing for spot exchange-traded funds (ETF) in the United States. However, it’s worth noting that some Ethereum whales have opted to take profits, even in the face of substantial unrealized losses.

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Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.