Ethereum (ETH) continues to trade above the lower boundary of an ascending triangle, signaling strong bullish support. Analysts note resistance levels at $2,150, $3,100, and $4,000.
Ethereum Price Structure Remains Intact
Ethereum continues to trade above the lower boundary of an ascending triangle on the weekly timeframe. This structure has held since mid-2022 and is viewed by traders as a bullish sign. If the support remains intact, ETH may target the next resistance levels at $2,150, $3,100, and $4,000.
Resistance Levels and Long-Term Metrics Support Bullish Continuation
Ethereum is approaching resistance levels near $2,150, $3,100, and $4,000. These zones have previously triggered reversals, and a breakout above $1,900 could set up attempts to reach those targets. Analysts believe that movement past these levels may open the path for larger price swings.
Wallet Growth Analysis Confirms Ethereum Strength
Ethereum also shows on-chain strength as the 30-day average of new wallet addresses has exceeded its annual average. This pattern was seen before the 2017 and 2020 bull cycles, suggesting possible continued growth ahead.
The current price structure of Ethereum indicates strong bullish support, and the increase in new wallets aligns with previous bull cycles, making further growth prospects optimistic.
