According to crypto analyst Merlijn, Ethereum (ETH) has broken out of a multi-month falling wedge pattern, a historically bullish signal. Supporting this move, the Relative Strength Index (RSI) has also broken above a long-term resistance trendline, indicating momentum shifting upward.
ETH Price Chart (Source: X Post)
The analysis graph indicates that Ethereum prices are rising from around $1,500 to $3,500. According to Merlijn, this setup has matched previous performance, which resulted in the token’s prices doubling within a few weeks. The combined strength of Relative Strength Index data and price movement above the wedge formation shows a good chance that ETH will rally further.
Analyst Projects ETH Reversal as Key Resistance Levels Come into Focus
Crypto Fella sees Ethereum (ETH) moving ahead based on how it broke through its declining trend line. TradingView charts show ETH breaking past its long-time downward boundary while prices touch the $1,740 zone once more.
According to this technical assessment, ETH will face essential resistance levels at $2,200, $2,800, and $3,400. The market showed resistance here since past buyers were willing to step in. The price recovery zone shows sellers may pause the uptrend briefly before buyers push ETH to new highs in line with market norms.
ETH Price Chart (Source: X Post)
The combination of technical support and testing signals reinforces the idea of an upward trend. Based on prevailing market momentum, ETH could move about 25% higher when prices reach $2,200 from $1,763.
Additional Market Data Supports Analyst’s Bullish ETH Thesis
CoinGlass funding rate data shows both a technical breakout and changing trader sentiment. Funding rates for Ethereum perpetual contracts entered their positive phase back in February and have stayed strong ever since, showing traders still bet on rising prices.
Despite ETH’s price dropping from $2,400 to $1,763, traders still expect prices to rise. The chart displays a short sequence of adverse funding movements that typically indicates buying sentiment is reaching its limits. Traders now trust in future gains as funding rates stay positive following their recent return.
ETH/USD 8-hour Chart (Source: Coinglass)
Analyst Crypto Fella’s projection zones support a bullish outlook for ETH to reach $2,200 and might surpass it if resistance areas are broken through. A solid Ethereum recovery becomes stronger due to the technical structures that match derivative marketplace indicators.
Also Read: Bitcoin Eyes New High as ETF Inflows and Whale Accumulation Drive Rally
