Ethereum’s been stuck in a rut lately, trading sideways between $3,150 and $3,500. This has left investors frustrated, especially as other cryptos are making gains. Many are wondering if ETH can regain its momentum this year.
Is a Breakout Coming?
But there’s still hope! Technical analysts see a potential bullish signal: a “falling wedge” pattern. This pattern often precedes a price surge. One analyst, Daan, predicts that if Ethereum breaks out of this wedge, it could hit $4,000–$4,100 – a significant price target. This would be a major boost for ETH’s price and investor confidence.
The Risks Remain
However, it’s not all smooth sailing. Ethereum has been in a downtrend since December, and a deeper correction is always a possibility. Even if ETH reaches $4,000–$4,100, it might face strong resistance. Daan stresses the importance of watching the falling wedge trendline closely. A failure to break out could mean more sideways trading or even further price drops.
Holding Key Support Levels
Currently, ETH is trading around $3,322. Holding the $3,300 support level is crucial for bulls. Breaking above the $3,500 resistance would confirm a bullish breakout and likely attract more buyers. Conversely, falling below $3,300 could trigger a sell-off and further price drops. The next few days will be key in determining Ethereum’s direction.
