Ethereum (ETH) is showing strong technical formation as it retests a crucial resistance level at $2,680, with multiple analysts projecting a potential 15% breakout in the coming days. Recent ETH/BTC consolidation patterns further support this bullish outlook.
Technical Analysis Shows Bullish Pattern Formation
Since early May, ETH has established a clear trading range between $2,475-$2,680, with the upper boundary proving to be a stubborn resistance level. The cryptocurrency’s recent 3% daily recovery has brought it back to test this critical zone, currently trading at $2,632.
Carl Runefelt from The Moon Show highlights that Ethereum is forming a textbook ascending triangle pattern, typically a bullish continuation formation. The pattern suggests a potential 15% move once resolved, which could send ETH toward the $3,100 level if broken to the upside.
Multiple Indicators Signal Imminent Breakout
Supporting the bullish case, Crypto Bullet identifies similar patterns across multiple ETH charts. The ETH Dominance chart shows an ascending triangle in the 12H timeframe, while both ETH/BTC and ETH/USD pairs approach the upper boundary of their respective symmetrical patterns.
Historical Bitcoin Comparison Adds Confidence
Ted Pillows draws striking parallels between ETH’s current price action and Bitcoin’s 2020 performance. The formation of four consecutive 2-week candles since April 7 mirrors BTC’s movement after the March 2020 crash, suggesting potential for new all-time highs if the pattern continues.
Key Support and Resistance Levels
- Current Price: $2,632
- Key Resistance: $2,680-$2,850
- Critical Support: $2,300
- Monthly Performance: +44.2%
Frequently Asked Questions
Q: What is the potential price target if Ethereum breaks resistance?
A: Analysts project a move toward $3,100, representing approximately 15% upside from current levels.
Q: What are the key support levels to watch?
A: The primary support zone lies at $2,300, with intermediate support at $2,475.
Q: How does this pattern compare to previous breakouts?
A: The current formation resembles Bitcoin’s 2020 pattern that preceded its bull run to all-time highs.
As Ethereum continues to test the $2,680 resistance level, multiple technical indicators and analyst projections suggest an imminent breakout. Traders should monitor the key resistance zone between $2,680-$2,850 for confirmation of the next major move.
