Ethereum (ETHUSD) is on the cusp of a major bullish break-out as this week it is already trading above its 1W MA50 (blue trend-line). If it manages to close the 1W candle above it, it will be the first time since January 06 2025 to do so.
This whole price action remains inside a massive Megaphone pattern and resembles the same structure ETH had during June 24 2019 - July 20 2020. Both patterns had a final decline of around -67% with the 2020 structure eventually starting a (green) Channel Up that broke above the Megaphone and made a first Top on the 1.382 Fibonacci extension.
As a result, if the break-out does happen this time around also, we expect the emerging Channel Up to target at least $6300 (Fib 1.382 ext).
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