Ethereum's inverse head-and-shoulders breakout targets $3,500 by December 2024, pending volume confirmation.A symmetrical triangle on the $ETH chart eyes a potential run-up to $4,000, with $7,000 as the 2025 target.ETH/BTC could rally toward 0.0857 BTC after bouncing from a falling wedge pattern and oversold RSI levels.
Ethereumâs native token, $ETH has rebounded by around 30% when compared to its local low of around $2,150 from over a month ago.Improving macroeconomic conditions, including global central bank rate cuts and a robust earnings season on Wall Street, have boosted an overall risk appetite in crypto and traditional markets, fueling ETHâs ongoing boom.
Ethereum Enters Breakout Stage with $3,500 Target
The first chart showcases a classic inversehead-and-shoulders (IH&S) pattern, characterized by the formation of three troughs beneath a common neckline resistance. The middle trough, called the âhead,â is deeper than other two, called âshoulders.âAn IH&S pattern is considered a bullish reversal signal, resolving when the price breaks above the neckline with decisive volumes and rises by as much as the maximum distance between the neckline and the headâs deepest point.As of October 2024, Ether has entered the patternâs breakout stage, albeit lacking volumes.
The cryptocurrencyâs neckline resistance is near $2,800, and a breakout above this levelâif accompanied by a rise in trading volumesâcould lead ETH toward the $3,500 target by December 2024.
