Ethereum’s triangle pattern signals narrowing price action with support near $1,000 and resistance at $6,000.
Wave analysis suggests Ethereum is completing wave 4, supporting an upward price trajectory toward $10,000.
The invalidation point below wave C is critical, preserving the bullish structure for potential long-term gains.
In a detailed macro analysis, Ethereum’s price trajectory suggests that the $6,000-$10,000 range could be within reach in the coming market cycles. The current technical setup and critical price levels provide compelling evidence of a potential breakout.
Ethereum’s price has been consolidating within a triangle pattern, a structure often seen as a precursor to significant market moves. The pattern is characterized by progressively narrowing price action, signaling an equilibrium between buyers and sellers.
At present, Ethereum’s trajectory suggests an upward resolution of this triangle, with a primary target range set between $6,000 and $10,000.
According to a chart generated by XForceGlobal, Ethereum is forming a higher-degree wave structure, specifically wave 4, at present levels. Wave 4 aligns with a complex triangle pattern, showing consolidation within well-defined trendlines.
The price range respects the triangle's boundaries, with lower highs and higher lows defining the structure. The current technical framework supports wave progression, aiming for an upward breakout.
Source: XForceGlobal
According to the chart, key resistance levels are identified to be near $6,000, with support holding near $1,000. The chart positions wave C as critical, indicating potential price inflection.
The triangle’s integrity relies on maintaining wave D-E structure. Ethereum’s overall target appears to be between $6,000 and $10,000 based on the extended wave trajectory.
The red line on the macro chart marks the invalidation point, identified below primary wave C.
This level serves as a critical threshold; should the price dip below it, the bullish thesis would need reevaluation. However, current momentum suggests the scenario is unlikely, barring unforeseen market-specific catalysts.
Ethereum holders, many of whom have weathered the volatility of the cryptocurrency market, appear poised for a substantial reward. The projected price range reflects years of network growth, increasing utility in decentralized applications (DApps), and the ecosystem's resilience amidst market fluctuations.
While the primary focus remains on the $6,000-$10,000 target, price action below primary wave C could shift the technical outlook significantly. Conversely, a breakout above the triangle’s upper boundary would strengthen the bullish case, potentially attracting fresh capital and increasing market participation.
