Ethereum trades at $4,677.32, up 22.04% over the past week despite a small daily pullback.
Breakout from a 4-year inverse Head and Shoulders pattern signals start of wave 5 in Elliott Wave count.
Target of $22K aligns with ETH/BTC at 0.06 and Bitcoin peaking near $370K.
Ethereum (ETH) is trading at $4,677.32 after gaining 22.04% in the past week. A confirmed breakout from a long-term inverse Head and Shoulders pattern has placed a $22K price target into focus.
Breakout from a Four-Year Pattern
Ethereum has broken through the neckline of a 4-year inverse Head and Shoulders pattern, a formation often linked to bullish reversals. The pattern formed between early 2022 and 2024, with clear left shoulder, head, and right shoulder structures.
Gert van Lagen noted on X, that this breakout confirms the start of wave 5 in an Elliott Wave structure spanning the 2019–2025 bull market. The neckline break occurred near the $4,000 level, setting a technical path toward higher valuations.
The formation’s scale adds weight to the projection, suggesting sustained upside potential if Ethereum maintains momentum above the breakout level.
Expanding Diagonal and Long-Term Structure
The chart shows Ethereum progressing within a textbook Expanding Diagonal pattern, often seen in final wave 5 sequences. Each wave has expanded in both price range and duration.
The price has consistently respected the rising support trendline from 2020 and the widening resistance channel. This structural integrity reinforces the validity of the bullish target zone.
Gert’s analysis places the $22K projection in line with ETH/BTC reaching 0.06, synchronized with Bitcoin peaking at approximately $370K.
Market Context and Momentum Indicators
Despite a 0.56% pullback in the past 24 hours, Ethereum’s weekly performance shows strong market participation and bullish sentiment. As of writing, volume stands at $60.12 billion.
The breakout from the right shoulder area is accompanied by momentum consistent with major market cycle advances. This could indicate the start of a parabolic price phase.
A comparison to the DJIA hourly inset chart shows similar expanding diagonal completions leading to accelerated final rallies, supporting the projected ETH price trajectory.
