Ethereum is showing signs of a potential breakout on the hourly chart after forming an ascending triangle pattern over the past week.
Technical Signals Indicate Bullish Breakout Potential
CryptoQuant observed on April 16, 2025, that Ethereum formed a consistent pattern of higher lows while meeting resistance near $1,640. This setup has led to an ascending triangle, often seen as a bullish continuation pattern.
Ethereum’s Recovery Builds Momentum
According to CoinGecko data, Ethereum recovered over 10% from its recent low of $1,385, following global market reactions to macroeconomic news. The upcoming Pectra upgrade on May 7 is also contributing to renewed confidence.
Potential Move to $1,700 and Beyond
Ethereum is holding above $1,600, with pressure building near the $1,640 resistance. A breakout from the ascending triangle could open the path to $1,700 and beyond. Traders are watching for volume confirmation to validate this move.
Ethereum displays resilience and builds trader confidence, making the movement towards $1,700 increasingly realistic in light of the proximity to the $1,640 resistance.
