ETH Bull Pennant Breakout Signals Major Upside
ETH breaks out of a 5-year bull pennant, targeting over 140% upside. Key resistance flipped, bullish structure intact.
- ETH confirms breakout above $3,800 bull pennant
- Price targets reach up to $9,755 based on Fibonacci
- Weekly close above $4,921 flips macro resistance
Ethereum (ETH) has officially confirmed a breakout from a massive 5-year-long bull pennant formation on the weekly chart. This rare technical pattern, marked by precise touches on both trendlines, suggests a strong continuation of the bullish trend.
The breakout occurred above the $3,800 resistance level — a key area watched closely by traders. According to Fibonacci-based projections, this breakout opens the door to multiple upside targets. The first minor zone is at $3,780 (Fib 0.236), while more significant targets sit at $6,788 (0.5 Fib level) and a full measured move pointing to $9,755 (1.0 Fib level).
The pattern’s structure reflects years of market compression, now releasing into expansion — a hallmark of strong trend continuation.
Momentum Remains Bullish Above $3,074
Currently, high time frame (HTF) momentum supports continued upside, with a potential gain of +146% from the breakout point. Traders are keeping a close eye on the $3,074 level (Fib 0.382), which serves as the invalidation point. A drop below this level would challenge the bullish structure.
However, if ETH achieves a weekly close above $4,921, it would mark a significant shift — flipping a long-term macro resistance into support. This move would further validate the bullish scenario and strengthen the case for higher price targets.
What’s Next for Ethereum?
With this breakout confirmed and the macro trend still intact, Ethereum could be entering its next major expansion phase. As long as the price holds above the $3,800 breakout zone, the bull case remains strong. Traders and investors alike are watching closely for a weekly close above $4,921, which could act as a launchpad for further gains.
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