Ethereum Eyes Breakout: Cycle Top Target $8K–$10K
Ethereum nears major breakout with a bullish wedge pattern forming. Cycle top projection aims for $8K–$10K.
- Ethereum is forming a Descending Broadening Wedge.
- Resistance test hints at a strong breakout.
- $8K–$10K target possible if breakout succeeds.
Ethereum is flashing strong bullish signals as it revisits a major resistance level for the third time. According to market observers, ETH’s weekly chart closely resembles the 2019–2020 Descending Broadening Wedge — a pattern historically associated with powerful breakouts.
Currently trading just below this key resistance zone, Ethereum is at a crucial inflection point. If this pattern holds true, the price may experience a short-term 10–15% pullback (as highlighted by a purple circle in technical analysis), but a breakout above resistance could follow shortly after.
Repeating History: Why This Pattern Matters
Descending Broadening Wedge formations typically appear at the end of bearish cycles and signal a reversal into a bullish phase. In Ethereum’s case, the pattern’s resemblance to the 2019–2020 setup is drawing attention. That previous breakout led to a major rally, and if history repeats, Ethereum could be on a similar path.
The price has now tested the resistance level three times. From a technical standpoint, multiple attempts to break through resistance often weaken its strength. If ETH closes above this level, it could ignite a surge in momentum, triggering a rally that may push it to new all-time highs.
The $8K–$10K Cycle Top Target
If Ethereum successfully breaks above this wedge and resistance zone, analysts predict a cycle top between $8,000 and $10,000. Such a move would mark a massive return for holders, especially those who accumulated during ETH’s earlier correction phases.
Despite a possible short-term dip, the overall sentiment around Ethereum remains bullish. Traders are advised to watch for a confirmed breakout before making major decisions. A decisive close above resistance will be a strong signal that Ethereum is entering its next bull phase.
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