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. Earlier last week, the Ethereum price was retracingseverely, giving up a fraction of the gains garnered from the previous bull rally. Despite this brief show of weakness, a crypto pundit forecasts that the leading altcoin may be on the brink of an explosive rally toward a new all-time highof $9,000. This bullish projection is based on the completion of a Broadening Wedge formation and an ongoing retest of the pattern’s upper boundary, which may now act as support. Ethereum Price Chart Signals Major Breakout
According to the new technical analysis releasedby crypto market expert Gert van Lagen on X social media, Ethereum could be gearing up for a major breakout move, with price action potentially targeting upper bullish levels around $9,000. This report is based on a key chart pattern, the Descending Broadening Wedge, which has historically proven to be a powerful bullish continuation setup. Related Reading Ethereum Price Crash: What’s Happening And Where ETH Is Headed Next 2 days ago
On the weekly timeframe, Ethereum has completed a breakout above the upper resistance of the long-standing Descending Broadening Wedge pattern. After its initial breakout attempt, Lagen notes that Ethereum is now retesting the former resistancetrendline, which has flipped into potential support. This retest is considered critical, with the analyst highlighting it as ETH’s second attempt to break higher while sustaining its bullish momentum. Source: Gert Van Lagen on X
The technical setup, as outlined by Lagen’s price chart, shows a projected upside of 79% from the breakout point, which could send Ethereum soaring toward the $9,000 level. Lagen highlights that statistically, such patterns resolve upward 67% of the time, reinforcing ETH’s bullish outlook.
The price zone also aligns with a historical sell line—an area where traders may begin taking profitsas the cryptocurrency approaches upper targets. Interestingly, Lagen notes that the Bitcoin pricehas previously formed a similar Descending Broadening Wedge structure. At the time, the analyst had predicted that a successful retest of the pattern’s upper boundary could trigger a massive surge to $230,000 for Bitcoin. This historical parallel reinforces the belief that Ethereum could be on the verge of a similar upward trajectory if the current retest confirms support. Analyst Sees ETH Surpassing $5,000 This August
Despite ETH’s brief pullback, August is shaping up to be a potentially explosive month for the leading altcoin. Market expert, ‘Crypto GEMs’ on X, predictsthat Ethereum will break past $5,000 before the month is over. The analyst’s technical chart shows a strong bullish setup forming after Ethereum’s brief price correction. Related Reading This Ethereum Descending Broadening Wedge Pattern Looks Similar To 2019-2020, Here’s What Happened Last Time 1 week ago
Currently, ETH is trading around $3,554 following a steep drop from its July highs of around $3,900. While this decline may appear concerning to some, Crypto GEMs sees it as a golden buying opportunity. The analyst encourages traders to take advantage of lower prices and “ buy the dip”, as ETH positions for its next potential leg up. ETH trading at $3,559 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com