Ethereum has officially broken out on the weekly chart, igniting interest among traders and investors. This movement mirrors a breakout from February 2024.
Comparison to February 2024
The current breakout structure on the weekly chart closely resembles Ethereum's price action in February 2024. At that time, the asset also broke through a key resistance level with strong volume, triggering rapid upward momentum.
What’s Next for Ethereum?
If Ethereum follows its February breakout path, a 40%+ move could bring the price near $4,200 in the coming 3–4 weeks. However, traders should watch for key levels such as $3,600 and $3,800 as potential areas of short-term resistance.
Key Levels to Watch
A sustained close above these levels would strengthen the bullish case. On the flip side, a failure to hold above the breakout zone could lead to a quick retest of support near $3,300.
The current market situation around Ethereum evokes optimism. If predictions hold true, a significant move towards $4,200 could be on the horizon.
