#ETHOnTheRise

ETH Breaks Historical Barriers, Is the Market Awaiting a Big Surge?

Ethereum (ETH) has made a significant breakthrough by surpassing long-term resistance levels that previously caused its price to plummet during the 2022 bear market. This development is seen as a major turning point, marking the end of a three-year accumulation phase and opening up the potential for a strong bullish cycle.

Technical Analysis and Price Forecast

1. Long-term symmetrical triangle broken

• ETH has surpassed the $3,800 resistance level, completing a symmetrical triangle pattern on the weekly chart.

• The current price is around $3,669, up 47% just in November.

• Analyst Quinten Francois calls this the awakening of Ethereum after a period of “hibernation.”

2. “Cup and Handle” formation

• Venturefounder believes that ETH is forming a complete “cup and handle” pattern.

• If the $3,800 level becomes strong support, the next price target could reach between $5,349 and $7,238 by the end of Q1/2025. This equates to an increase of nearly 97% from the current price.

3. Potential cycle peak

• According to Titan of Crypto, if history repeats itself, ETH could peak at $7,800 to $9,900.

• With Fibonacci levels, the $10,000 target is not impossible in this cycle.

Supporting Factors

1. Institutional cash flow and whale accumulation

• Ethereum ETF: ETH ETF funds have recorded record cash flow, with over $332.9 million in just one day, primarily contributed by iShares Ethereum (BlackRock) and Fidelity.

• Whale activity: Whales holding between 100,000 to 1 million ETH have bought an additional 280,000 ETH (about $1 billion) in the past four days.