#EHTBreaks3800
Ethereum Bull Pennant Targets $5,000 as Breakout Pressure Intensifies.
Ethereum (ETH) trades at $3,804.74, posting a 4.96% 24-hour increase. A bull pennant structure now signals a possible rapid move toward $5,000.
Classic Bull Pennant Structure Forms on Ethereum
Technical analysts are tracking a developing bull pennant on Ethereum’s daily chart. Titan of Crypto reported that ETH’s recent vertical rally from under $2,000 to over $3,600 formed the pole of the pattern.
The price has since consolidated into a downward-sloping symmetrical triangle, forming the pennant. This coiling phase often reflects market equilibrium before a breakout continues the prior trend. If Ethereum breaks out above this pattern with volume, the target technical measure is at $5,018.
Traders are monitoring for a confirmed breakout. Key signals will be a daily close above the pennant resistance, increased volume, and continued price action north of the $3,800-$3,900 area.
Transaction Surge Points to Rising Network Usage
On-chain activity is also supporting Ethereum’s bullish setup. Christiaan noted that Ethereum transactions have reached their highest level in a year. This rise in user engagement suggests increased interest in the network across multiple sectors.
Transaction growth can signal higher demand, especially during consolidation periods. This activity may provide foundational support as Ethereum prepares to validate the bull pennant. As more users interact with the network, technical patterns often gain stronger backing from fundamental factors.
Sustained on-chain growth may help push Ethereum toward the projected $5,000 mark more quickly if the breakout confirms.