Ethereum News Today: Ethereum Breaks Long-Term Triangle Resistance Targets $10,842.61

Ethereum has recently formed a significant breakout on its monthly chart, breaking through a long-term triangle resistance pattern and crossing above the $3,728 range. This move suggests a potential long-term price expansion, with technical indicators pointing to key price targets of $6,934.79 and $10,842.61 [1]. The breakout follows months of consolidation between $2,250 and $3,000, with the recent surge supported by rising trading volume and a structure that aligns with Fibonacci levels [1].

The Fibonacci extension tool projects a potential price move of up to $10,842.61, representing a 278.76% increase from current levels [1]. Currently, Ethereum is trading just below the $3,800 zone, which marks the upper boundary of its previous range. If the upward momentum continues, the next major target for bulls would be $6,934.79 [1]. The ascending triangle formation, which began in 2021, has now confirmed a breakout as recent candles closed above the $3,600 resistance level [1].

According to the chart, a green arrow indicates a vertical price projection toward the aforementioned targets, aligning with key Fibonacci retracement and extension levels. The 1.272 and 1.618 Fibonacci zones are expected to act as logical resistance levels during a sustained bullish move [1]. The increasing volume over recent months further supports the breakout, with historical consolidation phases followed by large candles when volume exceeded averages [1]. This pattern is currently repeating, indicating the potential for continuation if volume remains strong.

Key moving averages also support the uptrend. The 50-month and 100-month exponential moving averages are now positioned below the current price and are sloping upward, reflecting strong mid- and long-term support [1]. Ethereum has reclaimed both averages, a key indicator that institutional traders often use to assess long-term trend strength.

The cryptocurrency is now trading above the 0.618 Fibonacci retracement level at $2,386.93, a critical support zone. As long as ETH remains above this level, the bullish case remains intact [1]. The breakout candle has also cleared the $3,425.67 resistance level, which previously acted as a top in multiple monthly candles between 2021 and 2022 [1]. Traders are now monitoring this zone for potential retests or consolidation before the next upward leg.

The question now is whether Ethereum’s current breakout could lead to a $10,000 rally in 2025. Technical analysis suggests that if Ethereum maintains its current momentum and volume, the projected move is structurally sound [1]. The next major resistance lies near $6,000, which must be cleared for the full move to $10,000 to materialize. If the price falls below the trendline support at around $2,400, the breakout thesis may weaken, though the current positioning remains bullish above all key zones [1].

Traders and institutions are now watching monthly closes for confirmation in the coming quarters, with the broader market likely to react based on how Ethereum navigates these critical price levels.

Source: [1] Ethereum Breaks Out and Now Targets $10,842

(https://cryptonewsland.com/ethereum-breaks-out-and-now-targets-10842/)