Ethereum has exhibited a remarkable movement in recent days, breaking above the decisive falling trend lines on both the daily and 6-hour charts. Leading analysts of the market point out that if this breakout is permanent, the level of 2,460 and then $ 2,650 become important targets for the ETH price in the first place.
Breakout and bullish scenarios on the daily chart
In the current chart shared on the ETH/USD parity, it can be seen that the price is hovering around $2,379 and has risen above an important falling trend line. Following the correction initiated from previous highs, Ethereum formed an ascendant structure by recovering from the support zone between $1,600 and $1,821. This rise brought the upper part of the wave movement defined as ABC to the testing phase.
In the technical analysis, it is stated that the full 100 percent extension of the wave (c) target of the current upward movement corresponds to $ 2,650. This level is shown on the chart at $2,657 and is considered an important resistance point in the short term.
Analysts emphasize that Ethereum’s daily crossing of this important resistance line, which it has failed to cross several times, signals that buyers are taking control in the short term.
However, ETH must also pass the next resistance area, the range between $2,617 and $2,957, to continue its rise. The 38.2% and 50% Fibonacci retracement levels stand out in this region. With a possible new move, the price could test $2,862 and $2,995 respectively, or even $3,228 in a strong rise.
Otherwise, if Ethereum falls below the broken trend line again and loses its rising structure, the possibility of the price retreating towards the support zone between 1,821 and 1,600 dollars may come to the fore.
Short-term resistances and possible scenarios
According to the post of another analyst who examined the 6-hour chart on the Binance exchange, Ethereum attracted attention by rising above a short falling trend. After the last rally in April, the price remained horizontal for a while, with retreats starting from levels approaching $2,460 and falling to the support in the $2,220-$2,260 band.
Currently, the price is testing the upper band of this structure. A move above the trend line indicates that buyers are looking for a new breakout after days of a squeeze. The analyst states that at this point, a break at the weekly close is sought and that a possible retest instead of the first candle may be healthier for buying.
In technical evaluations, it is stated that if Ethereum maintains the broken trend line as support, the $ 2,460 target will remain valid.
If this retest phase fails and the price falls below the trend line again, Ethereum could retreat back to the tight range and lower supports around $2,300. For the upward movement to continue, the price must hold above the critical breakout level.
In summary, Ethereum has significant price targets marked by two different breakout structures on the current charts. If it remains persistently above the trend lines on both a short-term and daily basis, the price can be expected to reach the resistances of $2,460 and $2,650.
