Ethereum’s price has been stuck below $2,800 for a while now, leaving many investors feeling gloomy. The crypto market’s overall sentiment is pretty negative, and Ethereum’s underperformance compared to Bitcoin and other coins isn’t helping.
A Bullish Pattern Emerges
But there’s a glimmer of hope! A top analyst, Jelle, spotted a multi-year ascending triangle pattern on Ethereum’s chart. This is a bullish signal, suggesting a big price jump might be on the horizon. Historically, these triangles often lead to explosive price movements once a key resistance level is broken.
What Jelle’s Saying
Jelle’s analysis on X (formerly Twitter) highlights that Ethereum’s price has tested the boundaries of this triangle multiple times, suggesting the next move will be decisive. He points to the $4,000 mark as a major hurdle. Ethereum has tried to break through three times, but Jelle thinks the fourth time could be the charm. A successful breakthrough could trigger a major rally.
Crucial Price Levels to Watch
Right now, Ethereum is trading around $2,650. The $2,600 level is a key support point; if that breaks, things could get worse. However, reclaiming $2,800 and then $3,000 would be huge positive signs, potentially igniting a price surge. The opposite is also true: failure to hold $2,600 could lead to further price drops. The next few days will be critical in determining Ethereum’s short-term direction.
