Ethereum Awaits Breakout Above $3,500 After Three-Year Triangle Pattern

Ethereum is currently priced at $2,955.01 and has been trading within a symmetrical triangle pattern since early 2021. This pattern has confined the cryptocurrency's price movements for over three years, with resistance at $2,978.82 and support at $2,908.75. The price has shown no significant daily movement, remaining within a well-defined range.

The symmetrical triangle pattern is a technical formation that compresses price movement, preparing for a significant directional shift. As the price approaches the apex of the triangle, volatility is expected to increase. A strong monthly close above $3,500 is required to confirm a breakout from this structure. Previous attempts to break above this level have faced rejection, maintaining the integrity of the triangle.

If Ethereum manages to close above $3,500 on a monthly basis, it could signal a potential long-term target of $12,000, according to the analyst's forecast. However, until this breakout is confirmed, the price must maintain its position above current support and gather momentum toward the breakout level. The current setup is defined by resistance and support levels, with ETH constrained within a narrow 24-hour range.

Despite intra-day fluctuations, Ethereum’s position within the triangle remains intact. The ascending support and descending resistance lines continue to direct the long-term movement. Each successive monthly candle near this region becomes increasingly significant in establishing trend continuation or reversal. Traders are closely monitoring whether ETH can sustain higher closes moving forward, as this could indicate a potential breakout from the multi-year triangle pattern.