Ethereum Surges 88% After Breakout, Targets $6,500

Ethereum has maintained a bullish structure above $2,300, driven by a wedge breakout, a Fibonacci bounce, and a flag setup, all of which indicate further upside potential. The cryptocurrency's consolidation above $2,700 reflects strong demand accumulation, with targets of $4,800–$6,500 supported by volume and chart patterns.

Ethereum has broken out of a long-term Descending Broadening Wedge, triggering a significant rally and resetting its technical outlook. The price has consolidated near key resistance levels, with rising open interest and escalating war tensions between Israel and Iran shaping a high-stakes breakout setup. One bullish analyst highlighted that Ethereum had consolidated within this Descending Broadening Wedge from early 2024 until April 2025. The breakout lifted ETH from below $1,600 to above $3,000. However, Ethereum faced a firm rejection between $3,600 and $3,700, which slowed bullish momentum. A Bullish Flag pattern now appears in the $2,700–$2,950 region, signaling a potential renewed push higher.

The $2,300 to $2,700 support zone, which was previously a resistance zone, is now a firm base. Ethereum price retreated to the 0.618 Fibonacci point, respected it, and then rebounded, confirming bullish conviction. The next technical targets are $4,800, $5,600, and even $6,500, marked with Fibonacci extensions. As Ethereum stabilizes beyond key levels, this consolidation period strengthens its market behavior. Demand is accumulating below the surface, awaiting a breakout catalyst, according to volume indications. Thus, bullish vigor can continue as long as ETH stays over $2,300.

Meanwhile, Ethereum's open interest has increased to an all-time high of 7.1 million ETH, reflecting increased participation and confidence by futures traders. The growth has been steady since 2020, from 100K ETH to where it stands now. Even during sharp price pullbacks, open interest did not fail, indicating a long-term bullish trend. Ethereum price rallies in 2021 and 2024 echoed similar spikes in open interest. This split, rising open interest, and narrowing spot price are usually indicative of leveraged institutional holdings. Ethereum’s leadership of derivatives persists, complemented by its leadership in crypto market involvement. The open interest behavior also mirrors past breakout setups. Historically, each rally has followed a visible increase in futures exposure, adding conviction to current sentiment. This adds weight to the ongoing bullish technical structure.

Experts believe that Ethereum’s configuration remains bullish if it remains above the $2,300 support level. The marriage of chart formations like a bullish flag, the wedge breakout, and Fibonacci levels gives ETH room to reclaim the $2,950 level. Nevertheless, during heightened war tensions between Israel and Iran, experts advise that geopolitical tensions might increase volatility, particularly around key breakout zones. Analysts advise that price oscillations will increase due to overlap patterns such as the neutral megaphone pattern. However, the underlying uptrend consists of higher highs and higher lows, confirming bullish direction. The existing Cup and Handle formation also supports predictions of a future breakout. Market sentiment continues to be positive but cautiously so, and experts are all eyes on the resistance zone around $2,950. A breakdown above that price would push Ethereum in the direction of the $4,204 zone and higher. With rising open interest and favorable price action, Ethereum continues to top the momentum charts in crypto worldwide even amid escalating global instability.