Ethereum Surges 10% to $2,792.5, Bullish Pattern Targets $3,400

Ethereum's price has recently shown significant strength, breaking above the $2,790 mark and forming a bullish pattern on the weekly chart. This pattern is reminiscent of the bullish run observed in 2024, suggesting a potential move from the $2,500 level towards $3,400, provided that support holds above key trendlines.
On June 11, 2025, Ethereum reached a high of $2,792.5, experiencing a slight dip of 0.86% after testing key resistance near the $2,800 level. The current chart setup indicates a bullish pattern formation, which could drive the price towards the $3,400 target. The weekly candles display strength as Ethereum maintains its position above both the 50-week and 200-week moving averages, which are typically seen as bullish confirmation levels.
A chart published on TradingView by MikyEdge illustrates a clean structure with Ethereum bouncing from the $1,550 zone earlier in 2025. The blue ellipse on the chart highlights the expected upside movement, mirroring a similar breakout from late 2024 that led to highs above $3,800. This setup is analogous to an earlier consolidation phase between August and November 2024, followed by a sharp breakout that resulted in strong weekly gains.
Currently, Ethereum is trading above both the 200-week and 50-week moving averages, which are crucial bullish confirmation levels. The rectangular box on the chart shows the base of the current move, similar to the structure formed in 2024 between $1,700 and $2,300. That earlier box was followed by a breakout that took ETH close to $4,000 before a strong correction set in by January 2025. Now, Ethereum is repeating this structure, breaking above trendline resistance marked with dotted red lines and clearing the zone between $2,600 and $2,750, with the potential to revisit previous highs.
The candlestick movement on the current chart shows consecutive weekly gains, with most candles in the recent rally having long bodies, suggesting aggressive buying. The upward angle of both moving averages indicates steady recovery momentum from the low of $1,550. The previous recovery also began after a strong correction, ending in a breakout just above the 50-week average. This pattern is now in motion again, with Ethereum following the same track and moving upward with controlled volatility.
With the base now forming around the 200-week average near $2,500, bulls have a visible zone to hold support. As the price remains above this mark, the upside projection toward $3,400 remains technically valid, mirroring the earlier pattern with near-similar scale and duration. The current blue-shaded area on the chart marks a potential target range near $3,200 to $3,400, which overlaps with previous swing highs from 2024. Price momentum into this zone will likely face increased selling activity.
The 50-week moving average now acts as dynamic support just below the $2,800 line, placing Ethereum in a strong position if bulls maintain volume and weekly closes above it. The weekly chart structure shows low-wick candles, signaling fewer downward rejections. This technical setup suggests that Ethereum has the potential to break through the $3,400 mark, provided that support levels hold and bullish momentum continues.
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