Ethereum Bull Run: $4,500 First Target
After breaking out of a multi-year triangle on the weekly chart, Ethereum has grabbed the limelight. Captain Faibik, a technical expert, believes the breakthrough begins the 2024-25 bull run. ETH is trading at $4,002, up 7.93% in the previous week and approaching $4,500.
This breakthrough concludes a protracted consolidation period of lower highs and higher lows with a positive resolution. Captain Faibik predicts a $10,000 mid-term objective, coinciding with Ethereum's prior bull cycles.
ETH Bullish Pattern Targets $4,500
A TradingView analysis shows a bullish cup-and-handle pattern on the ETH token chart, predicting additional higher. The pattern's 37% breakout height and Fibonacci extensions suggest a $4,500 short-term goal.
The cryptocurrency is challenging neckline resistance at $4,087 as of press time. A break over this level might solidify its surge. The handle found support in the 38.2% Fib retracement zone at $3,342, bolstering the bullish picture.
Technically, momentum indicators support bullishness. ETH's relative strength index is 72.31, indicating a purchasing binge.
However, these levels frequently indicate overbought situations, suggesting short-term declines.
On-chain metrics indicate little resistance ahead for Ethereum, with 93.6% of addresses (119.37 million) being "in the money," meaning they bought ETH below $4,007.12. Only 3.89% of addresses, or 4.96 million holders, are “out of the money,” signaling resistance if the Bitcoin price hits their break-even level.
Also, 2.51% of addresses, or 3.2 million, are “at the money,” signifying a significant pricing level. In the $3,405.10–$4,608.43 price cluster, 75.22% of addresses—14.03 million—are lucrative.
23.81%, or 4.44 million, are out of the money, which might provide upper-range selling pressure between $4,250–$4,500. Unless market circumstances change substantially, the token's breakout momentum may continue with little resistance zones till $4,500.
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