Ethereum Eyes $3,000 as Bullish Pattern Emerges
Ether (ETH) — currently trading at $2,660.71 — is showing signs of a potential breakout above the key $3,000 level, supported by the formation of a classic ascending triangle on the price chart.
This technical pattern features a horizontal resistance line, which in Ether’s case sits around $2,735, and a rising trendline that reflects a series of higher lows over the past two weeks. The convergence of these lines suggests increasing buying pressure, a hallmark of bullish accumulation.
Ascending triangles are typically continuation patterns, and a decisive move above the resistance zone would likely signal the next leg higher, building on Ether’s rally from April lows near $1,390.
Further reinforcing the bullish outlook is the nearing bullish crossover of the 50-day and 100-day Simple Moving Averages (SMAs) — a technical signal that often precedes upward momentum.
Volatility may soon surge as well. The Bollinger Bands, which track price volatility around the 20-day SMA, have tightened to a range of just $250. Historically, such contractions have preceded significant price moves in ETH since November.
As noted by technical analyst Charles Kirkpatrick, “upward breakouts occur 77% of the time,” typically materializing about 61% of the way through the pattern’s formation — metrics that further support the breakout scenario.
However, traders should remain cautious. A breakdown below the ascending support line would invalidate the bullish setup and could trigger a wave of selling pressure.
