- Ethereum is holding firm above $3,600 as bulls eye a breakout past $3,850 that could set up a run toward $4,000 and beyond.
- ETH’s four-year bullish pennant is nearing its peak and a breakout could ignite a rally to retest its $4,850 all-time high soon.
- Bitcoin’s next big move could drive Ethereum higher as rising liquidity and strong sentiment boost the chances of new price highs.
Ethereum holds steady at $3,720 and is getting closer to a possible breakout above resistance levels. Analyst Michaël van de Poppe predicts ETH moving toward $4,000, especially if the price of Bitcoin surpasses $120,000. Additionally, altcoins may see double-digit gains as a result of this surge.
Source: Michael Van de Poppe
Over the last two weeks, the cryptocurrency has had an upward momentum, rising from $2,900 to $3,850. At the moment, ETH is settling into a small range between $3,600 and $3,850.
Michaël van de Poppe noted that resistance has been tested four times already, a sign that a breakout may be imminent. The presence of longside liquidity above this zone could fuel the next move higher if buyers remain active.
Long-Term Bullish Pattern Strengthens
The weekly chart from Satoshi Flipper shows how Ethereum is getting closer to a diagonal barrier during the year. This bullish pennant-like formation started after ETH’s late 2021 top at $4,850. Since then, ETH has been trading inside convergent trendlines, with stability coming from the rising support line from the 2022 lows.
Source: Satoshi Flipper
The analyst believes Ethereum is nearing the final stages of this multi-year consolidation. A breakout above $3,850 could set the stage for a test of the $4,850 all-time high. Moreover, a confirmed breakout may trigger upside momentum and start an altcoin season.
Market Awaits Key Confirmation
Although Ethereum’s technical configuration is still advantageous, traders are still wary. If $3,600 is not maintained, there may be a more decline toward the $2,630 support area. The long-term breakout pattern and the general optimistic mindset, however, point to a likelihood of an upward resolution.
Besides, Bitcoin’s next move will likely influence Ethereum’s trajectory. A sustained Bitcoin rally toward $120,000 could drive capital back into ETH and other major altcoins. Consequently, this inflow could accelerate Ethereum’s push past resistance and open the door to new highs.
