Ethereum’s Price Eyes $2,920—But Can Bulls Break the Wedge?

• The opening of a new trend seems likely for Ethereum which shows signs of a breakout formation around $2,920.
• The failure to escape might force Ethereum into another support zone evaluation between $2,680 and $2,600 that might extend existing price stagnation.
• The upcoming Ethereum direction depends on wedge-breakout results because positive momentum would support recovery yet persistent rejection may cause additional market decline.

The falling wedge pattern on the Ethereum hourly chart indicates a possible bullish signal which traders interpret as a positive reversal pattern. Prices are actively moving between the descending trends that pattern the contraction of support and resistance zones. A price crossing through the upper boundary of the wedge suggests changing market sentiment which would enable Ethereum to recover previous price levels.

Source:Carl Moon

A crucial barrier exists at $2,920 according to the chart analysis indicating a 5.55% profit possibility from $2,796. The outcome of resistance breaking may result in either market consolidation or price decline.

Technical Breakdown of Ethereum’s Chart

The prior trend leading up to this wedge formation was strongly bearish, characterized by a sharp sell-off. This decline suggests that Ethereum was in a corrective phase, which has now transitioned into a consolidation phase within the wedge. The market is currently testing the mid-range of the wedge, and traders will be watching for a decisive move in either direction.

Ethereum Support & Resistance Levels To Watch

If Ethereum successfully breaks above the wedge with strong volume, the next logical upside target would be $2,920, a level that aligns with historical resistance. This could attract further buying interest, reinforcing a bullish continuation. The price will likely drop to the lower support area of $2,680 – $2,600 upon inability to maintain bullish momentum before attempting an additional breakout.

The validity of the Ethereum bullish forecast would be threatened by price movements that break below this support zone since it would present new risks of price decline against current bullish predictions.

The current value of Ethereum depends on its power to surpass this resistance pattern in the market. Ethereum has the potential to reach $2,920 if it breaks through this pattern by validating the breakout as part of its upcoming price recovery wave. A resistance rejection would lead to price drops to $2,680 – $2,650 while preserving the wedge structure and dragging out consolidation times.

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