Ethereum Forms Bullish Pattern Awaiting Breakout

Ethereum (ETH) has recently formed a falling wedge pattern on the 1-hour chart, a technical formation that is widely recognized as a bullish reversal indicator. This pattern is characterized by a narrowing price action that typically precedes an upward breakout. Currently, ETH is testing the lower support of this wedge, and a successful bounce from this level could trigger a bullish move, potentially pushing the price toward the $3,100 mark. Such a breakout would signify a notable recovery from recent short-term declines.

The falling wedge pattern is tightening, and Ethereum is holding above a critical support zone. This increases the likelihood of a breakout in the coming sessions. Additionally, volume profiles suggest that buyers are gradually stepping in, further supporting the bullish scenario. The Relative Strength Index (RSI) on lower timeframes is also climbing out of oversold territory, which often precedes upward movement. If ETH breaks above the upper trendline of the wedge with strong volume, traders could see momentum accelerating quickly.

Historically, a bullish move in Ethereum often triggers positive sentiment across the altcoin market. If ETH confirms this breakout and heads toward $3,100, it’s likely that many altcoins will follow with significant gains. Traders should closely monitor Ethereum, as a confirmed breakout could signal broader crypto market strength. Key indicators to watch include volume spikes and retests of the breakout line, which often provide confirmation of the move.