Ethereum Nears Breakout at $3,500, Eyes $12,000 Target

Ethereum (ETH) is currently trading within a multi-year symmetrical triangle pattern that has been forming since early 2021. This pattern is characterized by steady compression between lower highs and higher lows, with the price action showing consistent higher lows while facing strong resistance near the $4,000 level. The triangle’s structure has narrowed considerably, and ETH is approaching the upper trendline, with a confirmed monthly close above the $3,500 level signaling a breakout and potentially triggering a long-term move toward $12,000.

According to analysis prepared by Captain Faibik, Ethereum’s current monthly chart reflects a symmetrical triangle that has been in formation since early 2021. This pattern shows consistent higher lows while facing strong resistance near the $4,000 level. The triangle’s structure has narrowed considerably, and ETH is approaching the upper trendline. A monthly close above $3,500 would confirm a breakout from the triangle, indicating the end of a long consolidation phase. Ethereum is trading near $2,957.85, which is 18.97% higher for the month. Analysts are closely watching the July 2025 candle to determine if momentum is strong enough to break past resistance.

The $3,500 level has acted as a ceiling for over three years, with several rejection points since 2021. If broken, it could open the path for Ethereum to move into a price discovery phase. This would align with the broader multi-year uptrend from the 2022 lows. According to an observation by Alex Clay, Ethereum has broken out of a long-term descending broadening wedge. The breakout, confirmed on the weekly chart, supports a bullish trend continuation. Ethereum also formed a golden cross on the daily chart, strengthening the bullish case.

Clay used Fibonacci extension levels to project future price targets. These include $4,885, $5,625, and $6,870. The long-term measured move based on the triangle’s height places the final target near $12,000. Ethereum ETFs have seen inflows exceeding $5 billion, further supporting the current price trend. Data from on-chain sources also shows that ETH supply on exchanges has dropped, while large holders continue to accumulate. This signals confidence in Ethereum’s long-term potential, especially as the broader crypto market gains strength.