- Ethereum breaks out from a long-term triangle, eyeing a 55.56% rise to $5,220 in the coming months.
- Strong bullish momentum continues, with resistance ahead at $3,300, targeting $5,220 as the next milestone.
- Support zones at $2,780-$2,900 could prevent significant pullbacks, ensuring continued upward momentum for Ethereum.
Ethereum (ETH) broke out of a descending triangle formation and is still on the rise. With its current price of $3,299.22, Ethereum has increased 3.64%, indicating a consistent increase in recent sessions. The breakout from the long-formed triangle pattern suggests a potential rally ahead.
As the price moves beyond the $3,000 level, the next target could reach up to $5,220, representing a 55.56% increase from the breakout point. According to crypto analyst Captain Faibik, this breakout marks the start of Ethereum’s party, with midterm targets pointing towards higher levels.
Bullish Momentum Follows Breakout Pattern
Recent price movements for Ethereum show bullish momentum whereby in Early 2024, the asset was worth less than $2,000; by April, it had risen to almost $3,800. However, volatility increased in mid-2024, with Ethereum struggling to maintain levels above $3,600.
From July to October, Ethereum consolidated within a descending triangle pattern, testing both resistance and support multiple times. Eventually, the breakout occurred in November, propelling Ethereum beyond the $3,000 level, and marking a crucial shift in market sentiment.
Captain Faibik points out that the breakout aligns with the recent upward trend seen in November. As a result, the market sentiment has turned bullish, with many traders eyeing a target of $5,220. This potential increase would signal a massive 55.56% gain from the breakout point.
Key Levels to Watch
Ethereum’s current price action suggests continued bullish movement. The next key resistance is just above $3,300. If Ethereum surpasses this level, it could continue its rise toward $5,220. On the downside, support lies around the $2,780 and $2,900 areas, which previously acted as key consolidation zones. If Ethereum pulls back, these levels will be crucial in maintaining bullish momentum.
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