- Ethereum trades at $2,429.43 with a 7.56% daily increase but a 5.62% weekly decline.
- A symmetrical triangle pattern indicates consolidation and a potential breakout on the horizon.
- Mid-term price targets are positioned at $3,700 and $4,450, with long-term potential near $7,000.
- Accumulation near the $2,200–$2,300 range may offer favorable long-term entry opportunities.
The current price of Ethereum is $2,429.43, showing a positive 24-hour increase despite the one-week loss of 5.62%. Experts have pointed to a symmetrical triangle formation within several months, indicated by parallel trendlines, which are an indication of market indecision.
This technical setup tends to come before a breakout, with the price action narrowing into a top. The mid-zone on this formation sits around $2,246 and is frequently viewed as a long-term accumulation area. The chart presents lower volatility and decreased trade volume, which is common during pre-breakout consolidation.
This area is considered the perfect accumulation phase, according to investors and traders, especially with the reality that Ethereum hasn’t experienced a massive rally during this cycle. Sentiment is slowly moving towards the bullish aspect, whereby especially the larger holders are seen to be accumulating positions on a consistent basis.
Ethereum Breakout Targets $3,700 and $4,450 Midterm
The symmetrical triangle’s approximate upper level stands at $1,000, which would herald a good breakout on the higher side. Price targets seen here are $3,700 and $4,450 as mid-term attainable levels.
Both levels are within regions of previous resistance and are closely observed by market onlookers. Wallet data reveals a sudden spike among large holders, with those who have over 10,000 ETH rising over recent months. This data supports the narrative that institutional buying is occurring.
Despite other legacy finance markets being cautious due to the general uncertainty within the macroeconomic space, the technical analysis of Ethereum continues to receive attention due to breakout potential.
Long-Term Outlook Targets $7,000 for Ethereum
The long-term $7,000 target is based on sustained accumulation patterns and momentum anticipated on a confirmed breakout. This level constitutes a consensus within the general market regarding the future path of Ethereum, especially if key resistance levels are removed.
Investors looking to get in could find favorable risk-reward setups within the $2,200–$2,300 range with a suggested stop-loss around $2,000. A solid breakout above the upper trendline, you guessed it, around $2,600, would be a good continuation indication. Support indicators such as RSI and moving averages are advised to verify before entering.
Also Read | Ethereum Staking Hits Record 35M ETH as Supply Squeeze Looms
