ETH’s 1W chart shows a Descending Broadening Wedge, resembling the 2019 structure that triggered Ethereum’s last major rally.
CryptoBullet says ETH is testing resistance for the third time, raising the probability of a bullish breakout in the current cycle.
A breakout above the wedge could trigger a strong move, with $8K–$10K set as the next possible macro cycle top for ETH.
Ethereum (ETH) is showing early signs of a strong upward trend, forming a bullish chart pattern that resembles a previous cycle's breakout structure.
Ethereum Charts Echo the 2019–2020 Bullish Setup
A recent analysis by market commentator CryptoBullet points to a descending broadening wedge forming on Ethereum’s 1-week chart. This same pattern preceded Ethereum’s breakout during the 2019–2020 cycle. The current formation has been developing since the 2021 cycle top, marked by gradually lower highs and lower lows within an expanding wedge.
https://twitter.com/CryptoBullet1/status/1947703681039651253
Ethereum’s price is now testing the upper resistance of the wedge for the third time. Historically, repeated resistance tests raise the probability of a breakout, especially when supported by higher lows. According to CryptoBullet, the chart setup strongly mirrors the early stages of Ethereum's last exponential rally. If Ethereum closes a weekly candle above this trendline, the technical structure would confirm a bullish breakout.
Price Pullback Possible Before Breakout Attempt
In the same analysis, CryptoBullet indicated a potential 10–15% pullback in the current price region. This zone is marked on the chart with a purple circle and could serve as a liquidity reset before the next rally. Pullbacks in such setups are common and often flush out short-term traders before a stronger move begins.
Despite this, momentum remains in Ethereum’s favor. A break and close above the resistance would mark a structural shift. Such a move could trigger strong buying volume and signal the beginning of Ethereum’s next vertical phase in the current market cycle.
$8K–$10K Projected as Cycle Top Target
CryptoBullet projects the next cycle top for Ethereum in the $8,000 to $10,000 range. These targets are derived from Fibonacci extension levels (1.618 to 2.618), based on previous impulse moves. The confluence between the extensions and long-term resistance trendlines reinforces this target area as a probable zone for the next market peak.
At the time of reporting, Ethereum trades at $3,715.98, reflecting a 0.85% gain over the last 24 hours and 19.01% over the past week.
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