Ethereum Breaks Out of Ascending Triangle, Targeting $7,800
The Ethereum price has broken out of a months-long consolidation pattern, indicating a potential bullish trend. Analysts suggest a target of $7,800 based on the recent breakout from an Ascending Triangle formation.
Key Highlights
- Ethereum targets a new all-time high of $7,800 following the breakout.
- Consolidation occurred between $2,000 and $4,000 since late 2024.
- Resistance established at $4,000; surpassing this could confirm a bullish trend.
- The Ascending Triangle suggests a possible 333% surge to $7,800.
- Support levels identified at $3,000 and $4,000, expected to stabilize price during upward movement.
- Monitoring momentum indicators like RSI is crucial; levels above 70 may indicate overbought conditions.
This analysis highlights strong buying momentum and the possibility for Ethereum to reach new highs if current trends persist.