Ethereum Breaks $4,000 After 1,146 Days, Eyes $7,000 Target
Ethereum Breaks Multi-Year Consolidation
- Ethereum has broken out from a consolidation phase lasting over three years, surpassing the $4,000 resistance level.
- The breakout marks a significant technical milestone and is viewed as the beginning of a major rally potentially heading towards the $7,000 region.
Analyst Insights
- Mags, a crypto analyst, anticipates Ethereum might reach $7,331 based on current bullish trends and key resistance breakthroughs.
- After breaking past $4,000, Ethereum has consolidated above this level, indicating strong buyer support and potential for further upward movement.
- A brief dip to $3,800 followed by a rapid recovery suggests robust buying pressure, reinforcing the positive outlook.
Technical Analysis
- Galaxy, another analyst, highlights Ethereum's successful retest of the "V-bottom" structure and major triangle pattern since 2021.
- Despite potential dips and volatility, the long-term forecast remains optimistic, with five-digit ETH seen as increasingly feasible.
