Ethereum (ETH) has been consolidating in a narrow $100 range since dropping below $2,450 on Oct. 2. While Bitcoin has been more volatile, Ethereum’s weekly performance has only fallen by 1%.

Ethereum has maintained its potential strength by remaining above the 200-day EMA trendline. Several positive indicators are pointing to a possible positive breakout in ETH/USD.

Last month, Cointelegraph reported that Ethereum’s price action has formed similar patterns from May-June 2021 and March-May 2024. In both cases, Ethereum experienced bullish breakouts, and a similar outcome could occur in the coming weeks.

Ethereum’s September gains confirmed the formation of Phase V by forming a lower high. This pattern closely matches what was seen in 2024, strengthening the possibility of a bullish breakout.

ETH formed equal lows around $2,300 last week. This could signal a lower value for Phase VI. However, even a drop to $2,251 would not break the pattern. A potential bullish breakout could target $3,375, a 40% increase from its current price.

The ETH/BTC chart could also signal a bottom. Market analyst Trader Tardigrade noted that ETH/BTC may have formed a double bottom on the daily chart. This pattern usually signals a bullish reversal with a 75-80% success rate.

Analyst CryptoBullet thinks that ETH/USDT could drop to $2,085 and then break out. This analysis suggests that Ethereum could experience short-term declines but is poised for a potential bullish breakout in the near future.