Ethereum rallied by 65% since late April, nearing all time highs without major pullbacks, according to Michael van de Poppe.
Price broke a multi year ascending triangle, with Captain Faibik setting a long term target of $12,000.
Sustained closes above $4,300 could lead to $6,600 and $8,900 in the next phases.
Ethereum has surged sharply in recent months, climbing by 65% since late April and pushing close to previous all time highs. According to analyst Michael van de Poppe, the move occurred without major corrections, indicating strong momentum in the current market.
The rally began from a late April low near $2,250, accelerating in early July as the price breached multiple resistance zones. This climb pushed the asset beyond the $4,000 psychological barrier, bringing it into the $4,200 resistance range.
Resistance Levels and Market Position
The latest upswing saw Ethereum have a measured move of $1,644.03 from its $2,531 breakout level. Immediate resistance is between $4,200 and $4,214, with further potential barriers at $4,500 and $5,000.
Support is in the $3,800 to $3,600 range, where prior consolidation occurred. Van de Poppe notes that increasing trading volume supports the rally’s strength, while the RSI is 70, indicating strong but potentially overextended conditions.
Breakout From Multi Year Structure
As per analyst Captain Faibik, Ethereum’s breakout from a multi year ascending triangle. The upper boundary of this formation closed price action near $4,000 to $4,300 since 2021.
ETH/USD 15-day price chart, Source: Captain Faibik on X
A rising trendline from 2018 lows has held as long term support. August’s candle shows the asset trading at $4,158.65, up over 9% for the month so far. The breakout measured move projects a long term target near $12,000, with resistance zones at $6,600 and $8,900.
Long Term Price Outlook
Sustained monthly closes above $4,300 could confirm the breakout and lead to higher extension levels. However, a drop back below $4,000 would raise the risk of a retest toward the $2,500 to $3,000 support range.
The views from both analysts point to a market phase where momentum, volume, and structural breakouts are aligning, keeping price levels above key supports while testing major resistance zones.
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