Ethereum Breakout Signals Wave 3 Surge With $5,600 Target in Sight

According to market analysis, Ethereum has climbed above $4,200 following a decisive breakout from its recent consolidation phase. This price behavior has led to the hope that the asset could be going into the third wave of its Elliott Wave phase, which has historically been identified with high and sustained price increases.

The rally was backed by a strong surge above the psychological $4,000 level, which saw one of the most significant day trading volume spikes in months.

Although the Relative Strength Index has now risen above 70, indicating that the market is overbought, the 20-day exponential moving average at around $3,647 is a firm dynamic support that has been keeping the market in a bullish pattern.#Ethereum #BreakoutSignals