Ethereum Forms ‘Pure Cup And Handle’ Pattern After Hitting $3,000, Analysts Set New Targets

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum’s price action in the past seven days has seen it finally touch the $3,000 resistance zone for the first time in months. This interesting move comes amid growing institutional attention caused by the massive inflows intoSpot Ethereum ETFs and Bitcoin’s recent climb to new all-time highs. 

Ethereum has gained over 17% in the past seven days alone, reaching a new local high of $3,065. Interestingly, bullish technical structures are starting to emergethat could send the ETH price soaring toward new all-time highs. Two analysts have now spotted classic bullish setups, both hinting at a significant rally on the horizon. Cup And Handle Pattern Points To $4,200 If Breakout Holds

The first analyst, known as @CryptosBatman on the social media platform X, shared a daily candlestick chartof Ethereum, where a pure ‘cup and handle’ pattern is visible over the past four months. The pattern, which started in early March, shows a rounded bottom that dipped to as low as $1,400, followed by a minor consolidation that formed the handle portion. Now, recent price action has caused ETH to break out of the necklinearound $2,850. A technical projection from this neckline points to a 45% move to a price target just below $4,200. Related Reading Ethereum Is Already Outperforming Bitcoin In July, Is Altcoin Season Here? 6 days ago

According to this analyst, Ethereum’s breakout from the cup and handle pattern has formed in the middle of powerful fundamentals. Ethereum is now beginning to outperform Bitcoinin terms of short-term returns, and exchange reserves have dropped to an eight-year low. These are both fundamental signals of strong holding behavior and reduced sell-side pressure. With these metrics aligning with the technical breakout, @CryptosBatman believes Ethereum could be next in line to break its all-time high, possibly before the end of Q3. Source: CryptoBatman on X Weekly Chart Echoes Previous 42% Rally

Another crypto market technician, CryptoBullet, expressed a similar sentimenton the social media platform X. This analyst referenced Ethereum’s weekly candlestick chart to support his outlook. He pointed to the formation of last week’s massive green breakout candle that has pushed the price above a major supply-resistance zone around $2,850. 

This move, as shown in the chart below, mirrors the same structure that caused a 42% rally between February and March 2024, when ETH moved from the $2,900 level up to nearly $4,100 within a matter of weeks.  Related Reading Ethereum Forms ‘Pure Cup And Handle’ Pattern After Hitting $3,000, Analysts Set New Targets 3 hours ago

If that price action is replicated in this current setup, Ethereum could again be on track to test $4,200 in the next three to four weeks.This puts the timeline of a $4,200 price target sometime in August 2025. The projection is shown with the vertical price range box drawn in the chart above, which maps a 42% upside from the breakout zone. Interestingly, this projection relies on the $2,800 price level, which previously acted as resistance, now flipping to support and preventing any sustained retracementsbelow the $2,900 to $2,850 range.

At the time of writing, Ethereum is trading at $2,980, having reached an intraday high of $3,074. ETH trading at $2,968 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com