Ethereum (ETH) has confirmed a breakout from a prolonged bullish formation, opening new horizons for growth.
Confirmation of Bull Pennant Breakout
Ethereum has officially confirmed a breakout from a remarkable five-year bull pennant formation on the weekly chart. This rare technical pattern, marked by precise touches on both trendlines, suggests a strong continuation of the bullish trend. The breakout occurred above the $3,800 resistance level, a key area closely watched by traders.
Bullish Momentum Above $3,074
Currently, high time frame momentum supports continued upside, with a potential gain of +146% from the breakout point. Traders are closely monitoring the $3,074 level, which serves as the invalidation point for the bullish scenario. If ETH achieves a weekly close above $4,921, it would mark a significant shift — flipping a long-term macro resistance into support.
Ethereum's Future Prospects
With this breakout confirmed and the macro trend still intact, Ethereum could be entering its next major expansion phase. As long as the price holds above the $3,800 breakout zone, the bullish case remains strong. Investors are watching for a weekly close above $4,921, which could act as a launchpad for further gains.
Current trends and technical indicators point to the potential for significant growth for Ethereum in the near future. The confirmation of the bull pennant breakout and support levels provides grounds for optimistic forecasts.
