Ethereum has yet to return to its all-time high for over three years, a stark contrast to Bitcoin, which has surged past many price levels in the current cycle. Despite being the second-largest cryptocurrency, Ethereum has struggled to keep up with the broader market even during price rallies. However, a new technical outlook suggests that Ethereum may soon break free from this underwhelming trend and push toward $4,867 based on a strong meeting of multiple technical indicators.

Extremely Strong Support Shows Ethereum Breakout Is Close

As revealed by a technical analyst on the TradingView platform, technical analysis of the Ethereum price poses a bullish outlook to finally break above its all-time high of $4,878. Ethereum is currently positioned at a key inflection point, where it is trading just above a multi-year support trendline. Notably, this trendline has acted as a solid foundation during previous downturns, allowing ETH to consistently rebound after touching this level. Given this historical precedent, the next expected move is another upward bounce, potentially setting the stage for a renewed bullish push.

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The strength of this support trendline is further reinforced by key Fibonacci levels, which have previously served as inflection points for Ethereum’s major rallies. At present, Ethereum is positioned around the 14.6% Fib retracement level from its break above $4,000 in September 2024, which is a zone that has historically caused reversals and strong bullish momentum.

In addition to the Fibonacci level, Ethereum’s price structure is also currently supported by the monthly 55 Exponential Moving Average (EMA), which is typically known for marking long-term bullish trends. This adds weight to a bounce on the multi-year support trendline.

Triangle Formation Confirms The Explosive Move

The analyst also noted that ETH has been trading within a triangle pattern in a multi-month timeframe. Triangle patterns often signal a period of consolidation before a strong move in either direction and in Ethereum’s case, the supporting trendlines and Fibonacci levels suggest a higher probability of an upward breakout. 

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The specific pattern forming on Ethereum’s chart is an ascending triangle, a bullish continuation pattern characterized by a rising lower trendline and a horizontal resistance zone. The upper resistance trendline for this formation sits around the $4,000 mark, a level that has proven difficult to breach three different times this cycle. However, the next try could cause a breakout if Ethereum continues to build on the growing bullish signals with the Fib level and the 50 EMA. Once Ethereum clears the ascending triangle’s upper resistance, the next primary price target would be around $4,867, its current all-time high.

At the time of writing, Ethereum is trading at $2,760, up by 1.1% in the past 24 hours.

Featured image from Ethereum, chart from Tradingview.com

Ethereum has been attempting to reclaim the $2,800 level for days, but bears continue to apply selling pressure, keeping the price below this key resistance. Despite this, demand remains strong, with bulls successfully holding ETH above the crucial $2,600 support level. The short-term outlook for ETH remains uncertain, as investors speculate on whether the current consolidation phase will lead to a breakout or further declines.

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Despite this, there is a growing sentiment that Ethereum could soon recover. Top analyst Jelle shared a technical analysis on X, revealing that ETH recently took out the lows, retested the key trendline, bounced off key support, and held above the 200-week exponential moving average (EMA). According to Jelle, this confirms that the uptrend structure remains intact, suggesting that ETH still has bullish potential.

While price action remains sluggish, Jelle’s analysis highlights that Ethereum is still holding critical levels, which could lead to a strong move upward. If ETH reclaims $2,800 in the coming days, momentum could build toward a push above $3,000. However, if selling pressure continues and ETH loses $2,600, a deeper retrace could be expected. For now, patience is key as Ethereum hovers near crucial technical levels.

Ethereum Price Signals Potential Recovery Phase

Ethereum has been attempting to reclaim the $2,800 level for the past few days, with bulls struggling to confirm a recovery rally into higher supply zones. Price action remains uncertain, as investors watch closely to see whether ETH can push past this resistance or if selling pressure will drive it lower. The ongoing volatility has kept traders on edge, with some fearing that Ethereum might continue to drop further, testing lower support levels before any potential recovery.

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Market sentiment remains divided, with one side expecting a prolonged consolidation or further correction, while the other believes ETH is on the verge of a breakout. Analysts suggest that Ethereum is at a critical juncture, and the coming days could define its short-term trajectory.

Jelle’s technical analysis explains that ETH’s recent price action took out its previous lows, retesting the key trendline and holding above the 200-week exponential moving average (EMA) are all good signs. Jelle says the uptrend structure remains intact despite the slow price movement. He acknowledges that this may be one of the slowest uptrends Ethereum has ever experienced, but he still sees bullish momentum building.

Jelle also doubts that bears will be able to defend the $4,000 level once more if Ethereum gains strength. As ETH continues to hold key support levels and attempts to reclaim the $2,800 mark, a breakout could lead to a significant rally in the coming weeks. Investors are advised to remain patient as Ethereum navigates this critical phase, with many closely watching for potential trend confirmation.

ETH Testing Short-Term Supply

Ethereum is trading at $2,805, attempting to hold this level and push higher to confirm a recovery rally. Bulls are trying to establish support at this key price zone, aiming to regain momentum after weeks of consolidation. The price is just 7% away from the critical $3,000 mark, which sits slightly above the 4-hour 200 Moving Average. A break above $2,950 and a successful hold above this level would likely trigger an aggressive bullish recovery, pushing ETH toward higher resistance levels.

However, if Ethereum fails to hold above $2,800, the bullish momentum could weaken, leading to another round of selling pressure. In that case, ETH could drop back toward the $2,600 demand zone or even lower. This level has previously acted as strong support, and losing it could indicate further downside risks.

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For now, Ethereum remains at a pivotal point, where bulls must step up to maintain short-term strength. A breakout above resistance could fuel renewed optimism among investors, while failure to sustain current levels may lead to continued market uncertainty. All eyes are on ETH’s ability to reclaim and consolidate above key resistance levels to determine its next major move.

Featured image from Dall-E, chart from TradingView

The Ethereum price is drawing attention to its potential future outlook, as a crypto pundit points to a striking resemblance between the altcoin’s price action and Bitcoin’s during the 2015-2017 bull cycle. The analyst’s technical chart analysis suggests that ETH is destined for a breakout to $10,000 this cycle, marking new all-time highs. 

Ethereum Price Chart Mirror’s Bitcoin Historic Breakout

According to Ted Pillows, a crypto pundit on X (formerly Twitter), a comparative analysis of Etheruem’s current price movement and that of Bitcoin during a previous bull cycle highlights a familiar bullish pattern. Based on this past trend, the analyst confidently predicts that Ethereum will hit $10,000 this cycle. 

Between the bull market in 2015 and 2017, the Bitcoin price hit a bear market bottom between $201 and $205. After experiencing a bit of consolidation and volatility, the cryptocurrency eventually skyrocketed to a historic rally towards $685 and $785, marking new ATHs at the time. This massive surge occurred after Bitcoin broke out of resistance levels around the $465 threshold. 

Based on the Pillows’ hypothesis, Ethereum appears to be following a similar trajectory, having completed its accumulation phase and recently breaking through major resistance levels. The number one altcoin has also experienced significant volatility recently, struggling to recover from previous bearish trends and market sell offs that pushed its value below the $3,000 price high. 

While still in consolidation, as no strong surge has been recorded in the Ethereum price recently, Pillows highlights factors that could reinforce the altcoin’s bullish outlook. The analyst mentioned Ethereum’s Total Value Locked (TVL) and Stablecoin liquidity dominance. Currently, ETH leads in DeFi, securing the highest TVL across all platforms in the space. 

Pillows also highlighted the impact of institutional demand and accumulation. As these factors increase, Ethereum could gain more exposure, potentially boosting its long-term value. Lastly, the analyst mentioned that Ethereum currently has a lower inflation rate than Bitcoin and 99% of the altcoins in the market. 

Based on these seemingly bullish factors, Pillows urges investors and traders to set their sights higher, dismissing a $5,000 target as too conservative and advocating for a more ambitious $10,000 projection. 

ETH Whales Get Back In Action

While analysts share their optimistic projections about Ethereum’s future outlook, whales are getting in on the ground floor and buying ETH tokens in droves. While the recent decline in the price of ETH may have caused panic selling for some, deep-pocketed investors have taken the market crash as an opportunity to accumulate.

According to TradeerPA, a crypto analyst on X, new reports show that ETH has been getting rapidly accumulated by Ethereum whales. Due to this accumulation trend, the analyst advocates for a price rally to new ATHs, driven by a positive shift in market sentiment and increased demand.

Featured image from Adobe Stock, chart from Tradingview.com