Ethereum’s inverse Head and Shoulders breakout above $2,588 signals strong bullish momentum toward a $2,864 price target.
Fibonacci extension levels between $2,668 and $2,827 align with Ethereum’s projected rally, supporting upward price movement.
Whale accumulation intensifies during the breakout, indicating increased confidence from large holders in Ethereum’s upward trend.
Ethereum broke above the $2,588 level of resistance, confirming a bullish chart setup and calling attention to the possibility for the advance towards $3,000.
Bullish Pattern Breakout Confirms Uptrend
Ali_charts, a crypto analyst, reported that Ethereum has formed an inverse Head and Shoulders pattern on the 1-hour chart. This pattern includes a left shoulder, a deeper head, and a right shoulder. The neckline resistance was set at $2,588. Ethereum has now moved above this level, confirming the bullish formation.
The breakout suggests increasing buying pressure and marks a key shift in short-term market structure. The measured move from the head at $2,312 to the neckline adds roughly $276 to the breakout point. This gives a projected target near $2,864, aligning with several Fibonacci levels that support continued upside momentum.
Fibonacci Levels and CME Gap Guide the Path
A number of the Fibonacci extension points support the potential for Ethereum to continue pushing higher. The 1.272 level is $2,668, with the 1.414 being $2,711. The 1.618 and 1.786 extensions stand at $2,774 and $2,827. All the above represent several points of resistance toward the target area from Ali at $2,850–$2,900.
Merlijn The Trader added that Ethereum has already filled two CME gaps at $1,600 and $2,500. According to him, the $3,200 gap could be next, suggesting Ethereum is now following the “path of least resistance” to the upside. Traders are closely watching whether price momentum continues along this trajectory.
https://twitter.com/MerlijnTrader/status/1925220049322643559
Whale Accumulation Adds to Bullish Setup
Another analyst Crypto Goos noted that whales are actively accumulating Ethereum during this breakout phase. Large wallet activity is often monitored as it reflects confidence from experienced market participants. This accumulation behavior may support continued bullish price movement in the near term.
As Ethereum trades above $2,588, maintaining this level is critical for the breakout to remain valid. A return below the neckline would invalidate the pattern and change the near-term outlook. For now, the technical setup, market behavior, and trader sentiment suggest that Ethereum’s next target zone could extend toward $2,850 and possibly $3,000.
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