Ethereum rose 6.54% to $2,792.66, breaking out from a falling wedge and inverse head-and-shoulders formation.
Key chart targets now extend beyond $3,200, with a higher target above $4,200 marked on the daily timeframe.
Daily trading volume surged 64.87% to $30.22 billion, reflecting strong market participation during the breakout.
Ethereum’s price action broke through critical chart resistance, completing multiple bullish technical patterns on the daily chart.The cryptocurrency increased by 6.54 percent over a 24-hour period to hit a mark of $2,792.66. It was preceded by a falling wedge pattern and an inverse head-and-shoulders pattern, which are viewed by technical traders as bullish patterns. Notably, the price is now approaching the first target near $3,200. A higher target, placed above $4,200, remains in play on the chart.
Source: CoinMarketCap
The rise in Ethereum’s price was accompanied by a substantial increase in market activity. The 24-hour volume jumped by 64.87% to $30.22 billion. The market value of Ethereum also increased by 6.55% to reach 337.12 billion dollars. This expansion in volume and market cap further confirmed the price movement’s strength.
Falling Wedge and Inverse Head-and-Shoulders Breakouts Align
The falling wedge pattern, which began earlier this year, resolved with an upside breakout in April. Ethereum's price then formed an inverse head-and-shoulders pattern, with the right shoulder completing in early July.
https://twitter.com/CryptoBusy/status/1943159998412132415
Following this setup, Ethereum broke above the neckline of the head-and-shoulders, triggering the breakout currently underway. Chart targets for this pattern suggest the first price level to watch is near $3,200. Additionally, the second target extends above $4,200, based on the measured move projections.
The breakout reflects a transition from a consolidation phase to a directional move. However, the price remains below the projected targets, leaving open the next stages of this trend.
Market Activity Increases as Ethereum Maintains Higher Levels
Ethereum’s breakout was supported by increased market participation. The circulating supply stands at approximately 120.71 million ETH. Trading activity pushed the volume-to-market-cap ratio to 8.94%, suggesting relatively high turnover.
The current price range holds above the previous consolidation zone. Ethereum is sustaining levels well above the earlier low near $2,623. Throughout the session, ETH traded within an intraday range, holding steady above $2,750.
This maintained momentum follows the falling wedge breakout and the head-and-shoulders confirmation. Market participants are closely watching the $3,200 level as the next area of interest.
