Ethereum Breaks Out: Can $4,200 Be Next?
Ethereum breaks key resistance with a bullish weekly candle. Will history repeat and push ETH to $4,200?
- Ethereum has broken major resistance on the weekly chart
- The move mirrors a February breakout that led to a 42% rally
- A similar surge could take ETH to $4,200 within weeks
Ethereum has officially broken out on the weekly chart, igniting excitement among traders and investors. A large green candle has pushed ETH above both June’s wick and a long-standing major support/resistance (S/R) zone. This breakout signals renewed bullish momentum, and many are wondering if this could lead to another major rally—possibly to $4,200.
This pattern is reminiscent of Ethereum’s price action earlier this year. Back in February 2024, ETH saw a similar breakout, followed by a 42% increase over a few weeks. If that performance repeats itself, Ethereum could be heading to $4,200 by mid-August.
Similar Setup as February 2024
Looking at the weekly chart, the breakout structure strongly resembles the price action seen between February and March 2024. At that time, Ethereum also broke through a key resistance level with strong volume, which triggered rapid upward momentum.
This time around, ETH’s breakout candle shows similar strength. The current market conditions, including increasing optimism around Ethereum ETFs and broader crypto market recovery, provide a favorable backdrop for another potential surge.
What’s Next for ETH?
If Ethereum follows its February breakout path, a 40%+ move could bring the price near $4,200 in the coming 3–4 weeks. However, traders should watch for key levels such as $3,600 and $3,800 as potential areas of short-term resistance.
A sustained close above these levels would strengthen the bullish case. On the flip side, a failure to hold above the breakout zone could lead to a quick retest of support near $3,300.
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