Ethereum is holding firm at $2,930 with a falling wedge pattern that could spark a breakout to $3,100 if resistance breaks.
Traders watch the $2,940 resistance closely as volume builds, hinting at a big move with bulls still defending key support.
Crypto Patel sees ETH heading toward $6K–$12K in this cycle and calls any dip a golden buying chance backed by strong historical signals.
Ethereum is flashing strength as it hovers near $2,930, clinging to a vital support zone amid tightening consolidation. Over the past five days, ETH has experienced an explosive rally followed by a cooling-off phase. After jumping from $2,770 to over $3,030 on July 10, the price retraced slightly. However, bulls are still holding the line. According to The Cryptomist, a breakout from the current wedge pattern could catapult Ethereum toward $3,100.
Source: The Cryptomist
On the 1-hour chart, The Cryptomist identifies a falling wedge pattern. Typically, this setup hints at an impending bullish breakout. Besides, the wedge is forming right after a sharp upward move—an ideal structure for continuation. Since July 10, Ethereum has posted lower highs while stabilizing around $2,920. This narrow range signals pressure is building for a breakout in either direction.
Key Resistance at $2,940 in Focus
At present, ETH is consolidating between $2,920 and $2,940. The $2,940 has been a consistent ceiling, as bulls struggle to break through. Each attempt to cross this line has been met with strong selling. Still, buyers are not backing down. The support at $2,930 remains firm, showing no signs of collapse.
Additionally, trade volume has remained steady during the consolidation. This implies that both parties are still determining their next course of action. The road to $3,100 will open up rapidly if ETH breaks above $2,940 with volume. Ethereum might, however, retest lower levels close to $2,880 if support is not maintained.
Long-Term Outlook from Crypto Patel Remains Bullish
While short-term action stays tense, long-term analysts remain optimistic. Crypto Patel, a popular market commentator, emphasizes Ethereum’s impressive 2x rally from $1,385 to $3,040. He believes the current levels still offer upside. He targets $6,000, $8,000, and even $12,000 by the mid-2020s.
Source: Crypto Patel
Crypto Patel also highlights that any deep dip presents a “golden chance” to accumulate. Furthermore, historical trends support this outlook. Hammer candles that formed near major bottoms in 2018, 2020, and 2022 often preceded major rallies.
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