Ethereum $ETH tests long-term support at $1,589.29, with wedge formation signaling potential breakout. Short-term strength grows, eyeing $2,500–$3,000.
Ethereum (ETH) is currently trading at $1,589.29, reflecting a 9.4% increase in the last 24 hours, as the asset tests a critical technical zone that has held firm since mid-2022.ETH/USDT weekly chart data shows the price positioning above its multi-month rising support line which historically initiated price upward movements in past periods of growth.
ETH Approach Breakout Within Wedge Patterns
The chart outlines a long-standing wedge formation, with Ethereum consistently respecting both its rising support and descending resistance. ETH’s price evolution during the entire period from 2020 onwards within the pattern has restrained most of its value fluctuations from its highest point at $4900 during late 2022.
Currently,ETH assets show an uptrend from its lower wedge pattern point worth $1,445.64 while this level shows historical price support. The upper border of the current 24-hour range exists at $1,679.27. Because of narrowing market conditions within the wedge formation a substantial price movement in either direction becomes more probable as prices reach balance.
Market Behavior Points to Speculative Buying Interest
Market participants display renewed buying interest because a bullish weekly candle has formed near this important long-term support level. Traders normally consider these shift points essential when determining entry zones because increased volume also confirms a price change structure. ETH currently trades above Bitcoin at the rate of 0.01943 BTC which reveals growing short-term power compared to Bitcoin.
Outlook: Volatility Expected Ahead of Potential Breakout
While the recent bounce is notable,confirmation of the recent momentum will only occur if Ethereum keeps gaining strength to reach the descending resistance trendline. Breakthrough of higher resistance would pave the way for objectives up to $2,500–$3,000 dollars under favorable macroeconomic environments.
The market price of ETH could reach $1,300 as the next visible support level during the upcoming weeks but rejection at this level could lead to additional downward pressure on the asset value. Currently all market participants watch this trendline action because it constructed Ethereum’s long-term framework and may resurface as a key factor to define the crypto’s future trends.
