Ethereum Surges 1.6% Breaking Ascending Triangle Pattern

Ethereum has recently demonstrated a significant price movement, breaking above a well-established ascending triangle pattern. The cryptocurrency's price surged by 1.6%, reaching $2,969.56. This breakout occurred after a period of consolidation, where the price had been trading along higher lows and consistent resistance levels. The move beyond the $2,935.93 support area was driven by increased volume, indicating a shift in short-term trend dynamics.

The current price of Ethereum is close to the upper boundary of its 24-hour range, which peaks at $3,027.12. Market observers have been closely monitoring this triangle formation since March, as it had compressed price action into a narrowing structure. The recent breakout has brought a swift move higher, confirming a change in the short-term trend.

Technical indicators on the hourly chart continue to show supportive momentum. The Relative Strength Index (RSI) currently reads 54.84, holding steady above its median line of 50. This suggests that price movement has maintained relative strength through recent sessions. Additionally, the Moving Average Convergence Divergence (MACD) histogram remains positive, with the MACD line at 7.18 and the signal line at 11.50. These readings indicate continued bullish momentum, despite a minor pullback following the breakout.

Historically, similar MACD configurations have coincided with sustained price increases. However, traders remain cautious of potential divergence. The RSI has not experienced any major oversold or overbought conditions up until today, indicating that volatility remains reasonably balanced. The momentum observed in lower timeframes adds strength to the formation seen on larger time frames.

Following the breakout, Ethereum formed a short consolidation zone just above the previous resistance line. This zone now acts as immediate support near $2,935.93. The price briefly tested this level after the breakout, followed by a rapid rebound to trade around $2,970.11. The current price movement of Ethereum indicates a contained range with the 24-hour low at $2,935.93 and high at $3,027.12.

Ask Aime: Could Ethereum's $2,969.56 surge signal the start of a new bull run?

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This sideways action has aligned well with the breakout area, providing a technical foundation for potential continuation. The chart shows a clean upward structure following the breakout, with buyers stepping in during minor dips. As Ethereum continues to stabilize above former resistance, the market's focus shifts to whether the price can clear the $3,027.12 resistance or fall back to test support again.