Quick overview

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Ethereum (ETH) is expected to reach a new high above $5,000, possibly reaching $6,000 in the upcoming months, based on favorable technical indicators. Since its peak in November 2021, Ethereum has been consolidating in a descending triangle pattern, according to the long-term weekly charts that serve as the basis for the outlook.

ETH is completing a massive ABCDE wave structure within a years-long “symmetrical pennant,” according to Weslad, a market technician, which can only mean an explosion. Weslad recently broke down Ethereum’s price action, explaining that it has formed a massive consolidation pattern since its all-time high of $4,851

He claims that the upper boundary of this structure is currently being tested as it approaches wave D, a critical inflection point.

On the daily chart, a bullish Inverse Head and Shoulders (IHandS) pattern is also developing at the same time. Its neckline is serving as obstinate resistance at $2,855. The analyst’s conclusion was clear:

He dismissed granular metrics in favor of a broad bullish tide, basing his argument on the accelerating adoption of Web3 and a favorable regulatory shift. This technical confluence suggests a coiled spring ready to unleash tremendous energy into the market.

Market watcher Titan of Crypto’s $4,100 target is not far from the ballpark. Ether’s successful recovery back inside its pivotal weekly trading range, with momentum building towards the range high, is the key to his thesis. Strong buying pressure was evident as ETH swiftly recovered the level after briefly falling below it.  It is believed that this move signals the conclusion of a protracted bearish phase that started in March 2024.