Ethereum has confirmed an upside breakout from a descending broadening wedge, signaling potential gains toward $3,840 in the coming months.
Whale activity on Ethereum has surged to historic levels, coinciding with a 20% daily price surge following the Pectra Upgrade’s launch.
Ethereum’s technical breakout and rising market sentiment position the asset for continued bullish momentum, with growing trader interest supporting the move.
Ethereum has confirmed a breakout from a long-standing descending broadening wedge, showing bullish momentum after five months of price consolidation. The technical formation now suggests the possibility of continued upward movement.
Ethereum Breaks Out of Descending Broadening Wedge
Crypto analyst Captain Faibik confirmed that Ethereum has broken out of a descending broadening wedge on the daily timeframe. This breakout, described as sharp and supported by rising volume, marks the end of nearly five months of tight price consolidation. Historically, such patterns tend to result in sharp rallies due to built-up trader anticipation and high volatility.
The price formation is often viewed as a bullish reversal. With this upside breakout now confirmed, Faibik projects a target of $3,840. The breakout candle has flipped former resistance zones into potential support levels, which can aid price stability during the continuation of this trend.
The wedge’s wide range had previously limited Ethereum’s price action, but the breakout has now cleared that channel. With volume expanding and technical confirmation in place, traders and analysts are eyeing further gains as long as overall market sentiment remains constructive.
Whale Activity Rises as Etherereum Surges Post-Pectra Upgrade
According to a tweet from CryptoGoos, whale activity on Ethereum has reached historic levels. Large holders have been aggressively accumulating Ether, pushing the asset higher. This accumulation appears to have coincided with Ethereum’s recent 20% daily price surge following the launch of the Pectra Upgrade.
https://twitter.com/crypto_goos/status/1920760106821484995
The Pectra Upgrade, launched on May 7, introduced wallet improvements, higher staking limits, and scalability features. These enhancements have led to increased long positions and open interest, which has grown by 21% within a day..The Ethereum price at the time of writing stood at $2,335.17 with an increase of 20.6% in the past 24 hours.
The upgrade timing aligns with broader bull trends, like when the prices of Bitcoin have climbed past the $100,000 threshold. The positive sentiment in the market has also been fueled by news of the new trade deal between the US and UK.
Price Action and Market Conditions Favor Further Ethereum Upside
Ethereum’s recent breakout and whale activity are setting the stage for continued bullish performance. The asset’s technical setup now supports a potential move toward $3,840, representing a 76% increase from the breakout point.
Market momentum appears to be improving, with increased participation across spot and derivatives markets. This suggests Ethereum could continue gaining ground if current conditions persist. The flipped support levels and growing trader interest are positioning Ethereum for a strong continuation rally.
As Ethereum continues to react to technical and fundamental developments, the broader crypto market is closely tracking its performance.
The post Ethereum Breaks Out of Descending Broadening Wedge, Analyst Eyes $3,840 Target appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
