Ethereum surges 6.54% to $2,792.66 on bullish technical patterns

Ethereum's price surged by 6.54% to reach $2,792.66, marking a significant breakout from a falling wedge and inverse head-and-shoulders formation. This technical pattern is widely recognized by traders as a bullish signal, indicating a potential upward trend. The breakout has set new key chart targets, with the first target near $3,200 and a higher target above $4,200.

The falling wedge pattern, which began earlier this year, resolved with an upside breakout in April. Following this, Ethereum's price formed an inverse head-and-shoulders pattern, with the right shoulder completing in early July. The breakout above the neckline of the head-and-shoulders pattern has triggered the current upward movement, with chart targets suggesting the first price level to watch is near $3,200. The second target extends above $4,200, based on measured move projections.

The breakout reflects a transition from a consolidation phase to a directional move. However, the price remains below the projected targets, leaving open the next stages of this trend. Market activity has increased, with the circulating supply standing at approximately 120.71 million ETH. Trading activity pushed the volume-to-market-cap ratio to 8.94%, suggesting relatively high turnover. The current price range holds above the previous consolidation zone, with Ethereum sustaining levels well above the earlier low near $2,623. Throughout the session, ETH traded within an intraday range, holding steady above $2,750.

This maintained momentum follows the falling wedge breakout and the head-and-shoulders confirmation. Market participants are closely watching the $3,200 level as the next area of interest. The rise in Ethereum’s price was accompanied by a substantial increase in market activity, further confirming the strength of the price movement. The market value of Ethereum also increased by 6.55% to reach 337.12 billion dollars. This expansion in volume and market cap further confirmed the price movement’s strength.