Ethereum confirms a bullish breakout above $3,400, setting sights on $6K, $8K, and $10K amid strong volume and price action.
SharpLink Gaming adds 10,614 ETH, boosting institutional confidence and signaling smart money positioning for ETH’s next rally.
Key support zones lie at $2,800, $2,400, and $2,198 as Ethereum prepares for a possible short-term retest before continuing upward.
Ethereum Breaks Out of Consolidation with Bullish Momentum
Crypto analyst CryptoPatel recently spotlighted Ethereum’s explosive move, highlighting a confirmed breakout from a massive inverse head and shoulders pattern. According to Patel, ETH is gearing up for a parabolic run, with $6K, $8K, and even $10K as potential targets—though a retest near $2,800 remains likely.
https://twitter.com/CryptoPatel/status/1945706277067448394
Ethereum is technically out of an extended consolidation pattern and bolted above 3,400 following the confirmation of an upward inverse head and shoulders pattern. This breakout marks a major technical shift, fueling investor optimism for a massive rally toward $6K and beyond, even as a short-term dip toward $2,800 remains possible.
Ethereum reclaimed the $3,325 level with a 6.61% daily gain and a 20.45% weekly surge as of writing. The breakout occurred just above the $2,867.30 neckline. This reclaimed zone is now acting as strong support. High volume and price expansion validate this bullish setup.
Besides, historical patterns suggest ETH could mirror its previous +107% surge from similar formations. Moreover, the current green projection box shows a potential target of $6,000, a 109% upside from the breakout level.
However, a healthy retest to the $2,800 zone remains a probable scenario. That level is now a critical support to monitor in the near term.
Institutional Demand Signals Growing Confidence in ETH
SharpLink Gaming is the latest major player betting big on Ethereum. The company recently added 10,614 ETH to its reserves, worth about $35.62 million.
https://twitter.com/CryptoPatel/status/1945687404255314201
This action increases the total ETH that SharpLink possesses to an enormous 296,508 ETH which accounts to an estimate of approximately 997.26 million dollars. Therefore, the strategic build by the company is as a result of increasing institutional confidence in the future of Ethereum.
Additionally, this positions SharpLink ahead of a potential ETH bull run. It signals that smart money is entering early and aggressively.
Support Zones and Long-Term Price Targets
Key support now lies at $2,800, with deeper zones at $2,400 and $2,198. A final support base sits at $1,565.
Significantly, the current price structure points toward $6K as the next key target. If momentum continues, $8K and $10K may follow.
In conclusion, Ethereum’s breakout, institutional accumulation, and technical strength suggest a mega bullish trajectory—assuming favorable macro conditions persist.
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