Ethereum broke out of a six-month falling wedge and is eyeing $3,277 as bulls reclaim key Fibonacci levels with rising momentum.
ETH reversed from below $2,000 in May and now targets $3,300, with a bullish structure and strong support at $2,125 and $2,275.
A Fibonacci extension to $3,285 signals Ethereum's potential 19% rally as technicals and fundamentals align for further upside.
Ethereum (ETH) is gaining bullish traction after breaking out of a long-term falling wedge pattern as per CryptoBusy analysis. The 3-day ETH/USDT confirms a clear reversal, with price surging from under $2,000 in early May 2025. This move ended a multi-month downtrend and has put Ethereum in a strong recovery phase. The wedge extended from November 2024 to April 2025 and showed consistent lower highs and lower lows. Ethereum’s sharp rebound came after touching the lower boundary of this wedge, triggering renewed momentum.
Key Fibonacci Levels Hold as Momentum Builds
Ethereum reclaimed major Fibonacci retracement levels during its rally. It first broke through the 0.382 level at $2,125.43. Then, it cleared the 0.5 zone at $2,274.75. ETH surged past the 0.618 retracement at $2,741.16. This sequence confirms a bullish continuation setup. At the time of reporting, Ethereum trades around $2,633.94. This price remains slightly below the resistance zone near $2,750.
Source: CryptoBusy
Additionally, this resistance serves as a critical area before Ethereum tests higher extension targets. A projected move targets $3,277.37, based on the Fibonacci extension. The breakout region to target range reflects a potential 19.22% increase. Moreover, the 0.786 retracement at $3,285.39 aligns with this projection. Hence, Ethereum is now within striking distance of a broader continuation.
Next Target and Structural Confirmation
Ethereum’s breakout is structurally sound. The wedge pattern respected upper and lower boundaries for months. However, recent bullish candles breached the channel’s top line. This breakout followed several failed attempts, indicating exhaustion at the bottom. Hence, the decisive move confirms a shift in trend direction.
The next key resistance stands at $4,137.85, marked by the 1.0 Fibonacci level. If momentum holds, this could become the next milestone. Below the current price, strong support remains at $2,274.75 and $2,125.43. Additionally, the 0.236 level at $1,815.91 offers further demand zone protection.
Ethereum now transitions from accumulation to expansion. Besides, fundamentals and technicals both lean bullish. Consequently, if buyers return with volume, ETH could rally past $3,500. The structure suggests Ethereum is poised for a stronger leg up. However, continued confirmation is essential for sustained momentum.
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