Ethereum News Today: ETH's Symmetrical Triangle Breakout Targets $12.3K as Support Holds

Ethereum remains in a bullish technical formation as key support levels hold and macro-level patterns suggest a potential surge toward $12,300. The cryptocurrency has rebounded from the $3,500–$3,600 support zone, confirming a breakout from a four-year symmetrical triangle. Analysts attribute this to a sustained accumulation phase, as evidenced by the upward trajectory of the On-Balance Volume (OBV) indicator, which has not shown signs of divergence despite short-term pullbacks. The price action aligns with a bullish flag and falling wedge pattern, with immediate resistance targets at $4,000 and a conservative profit zone near $3,750[1].

The consolidation above $3,500–$3,600 has reinforced the validity of the broader bullish structure. Following a recovery in late March, Ethereum’s price confirmed a falling wedge breakout around $2,500, later maintaining momentum through May as the $2,800 support held. A temporary dip to $2,250 in July failed to disrupt the uptrend, with price reclaiming key levels and advancing past $3,700 before retreating to $3,644. This behavior suggests traders remain cautious but optimistic, with a $4,000 target in focus[2].

Captain Faibik, a notable analyst, identified a confirmed breakout from a four-year symmetrical triangle connecting Ethereum’s all-time high of $4,800 to subsequent lower highs and rising lows. Using classical charting techniques, the projected target for this breakout is $12,300.15, calculated by extending the triangle’s height from the breakout level of $3,540. This macro-level target hinges on sustained buying interest and a continued hold above the $3,500–$3,600 threshold. A breakdown below this zone could test support near $3,250, though this level has not yet been engaged[3].

Volume trends further support the bullish narrative. The OBV’s upward movement indicates consistent accumulation, with no major divergence observed during recent corrections. Analysts emphasize that volume spikes during breakout attempts will be critical for validating the continuation scenario. While the current structure appears intact, a significant drop below $3,500–$3,600 could invalidate the bullish thesis and trigger a retesting of lower supports[4].

The convergence of short-term and long-term technical indicators positions Ethereum for a multi-tiered rally. Immediate momentum is guided by the falling wedge and bull flag patterns, while the four-year triangle breakout signals a potential multi-thousand-dollar move. Traders are advised to monitor volume dynamics and key support levels to gauge the sustainability of the current trajectory.

Source: [1][2][3][4] [title: ETH Still Bullish as Bull Flag Forms and $12K Macro Target Emerge] [url: https://cryptofrontnews.com/eth-still-bullish-as-bull-flag-forms-and-12k-macro-target-emerge/]