Ethereum’s price action over the past seven days has finally touched on the $3,000 resistance zone for the first time in months. This interesting move is A large amount of influx Spot Ethereum ETF and Bitcoin The best new mountain climb ever.
Ethereum has scored over 17% in the last seven days alone, reaching a new local high of $3,065. Interestingly, the bullish technical structure It’s beginning to appear This could cause ETH prices to skyrocket towards new all-time highs. Two analysts have now found a classic bullish setup. Both suggest important meetings on the horizon.
If a breakout is held, the cup and handle pattern refers to $4,200
The first analyst known as @cryptosbatman on social media platform X, I shared my daily candlestick chart Ethereum’s pure “cup and handle” pattern can be seen over the past four months. The pattern, which began in early March, shows a low bottom of $1,400, followed by minor integration that forms the handle section. Recent price action is currently causing ETH breaks out of the neckline About $2,850. The technical forecast from this neckline refers to 45% moving to a price target of less than $4,200.
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According to this analyst, Ethereum’s breakouts from cup and handle patterns form in the middle of a strong foundation. Ethereum is Now it’s starting to surpass Bitcoin In terms of short-term returns, exchange reserves fell to their lowest in eight years. Both of these are fundamental signals of strong retention behavior and lowering sell-side pressure. With these metrics matching the technical breakout, @cryptosbatman believes Ethereum can now line up.
Weekly charts echo previous 42% meetings
Another crypto market engineer, Cryptobullet, I expressed a similar feeling Social media platform X. This analyst supported his outlook by referring to Ethereum’s weekly candlestick charts. He pointed to the formation of a massive green breakout candle last week.
As shown in the chart below, the move reflects the same structure that sparked a 42% rally between February and March 2024, when ETH moved from the $2,900 to $2,900 level to almost $4,100.
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If that price action is reproduced in this current setup, Ethereum can be back on track to test $4,200 again Next 3-4 weeks. This will give you a timeline with a price target of $4,200 sometime in August 2025. Projections are shown in the range box of the vertical price range drawn on the chart above, mapping 42% upside down from the breakout zone. Interestingly, this forecast relies on a price level of $2,800. This used to act as a resistance, but now it has reversed to support, Prevents persistent retrace It’s below the $2,900 to $2,850 range.
At the time of writing, Ethereum is trading at $2,980, reaching an intraday high of $3,074.
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