Ethereum (ETH) is showing signs of strength after breaking out of key chart patterns. It has moved above several resistance zones, and analysts are tracking a possible move toward higher levels.
Breakout Pattern Signals Shift in Trend
According to analyst Marzell, ETH has come out of a falling wedge pattern and is maintaining above the breakout point. Such a pattern, coupled with alignment at Fibonacci levels, can be a good indication that a trend change is in progress. ETH has also cleared the 0.382 retracement level, which normally favors continuation upon retention.
Marzell shared target projections for ETH at $4,950, $5,760, and $6,690, based on Fibonacci extension levels. They stated, “Momentum is turning bullish as key fib levels align,” indicating that the structure remains favorable unless key levels break down.
ETH has yet to confirm a move above the $3,400 level. If that happens, analysts expect higher upside potential. If not, a return to the $3,200 support range could f
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