- Ethereum confirms a Golden Cross near $1,700, reinforcing early bullish structure.
- Breakout from a 5-month wedge pattern signals a macro reversal for Ethereum.
- RSI momentum aligns with price breakout, targeting resistance zones up to $3,500.
Ethereum has recently demonstrated notable technical resilience, marked by two distinct bullish breakout patterns observed on its chart. These developments indicate a strengthening shift in momentum as buyers actively regain control and reclaim key support and resistance zones critical to price continuation.
Golden Cross Initiates Uptrend Under Heavy Resistance
Ethereum’s 1-day chart via Binance reveals a technical shift as the asset forms a Golden Cross. This crossover event emerges when a short-term average moves above a longer-term one. The signal developed around $1,650–$1,700, which now defines the local support base. Market analyst Merlijn The Trader delivered a technical readout focused on structure, resistance, and trend behavior following this development.
Source: Merlijn The Trader
After observing momentum accelerate through mid-April, he turned attention toward price interaction with the Ichimoku cloud. The grey zone extending from $1,900 to $2,600 now defines a significant resistance cluster. The cloud’s density marks this as a critical region where bulls must prove control.
Responding to the recent rejection of $1,800, he outlined how short-term volatility shaped candle structure. Ethereum posted a 3.04% drop on the day, with a lower close near $1,740, suggesting market hesitation. Despite the pullback, he identified firm bid support near the crossover point.
Looking at slope consistency in the moving averages, he interpreted the ongoing alignment as early trend reinforcement. The yellow and white lines both track upward, reinforcing a shift toward positive bias. This formation occurs beneath key resistance but maintains a strong technical foundation.
Wedge Breakout Resets Ethereum’s Macro Picture
Bringing fresh insight into this larger pattern, Merlijn The Trader delivered another detailed perspective focused on wedge resolution and trend reversal. Tracking price from the upper wedge resistance near $1,700, he assessed the breakout confirmation via candle strength. The breakout candle closed outside the structure with follow-through, signaling a reversal of the prior downtrend. Price now pushes away from the wedge base, showing conviction.
As RSI reclaimed key ground, he interpreted the momentum shift as aligning with price acceleration. The RSI breakout intersected prior resistance at a downward-sloping trendline and has since moved into the mid-40s. This move confirms the price breakout’s legitimacy from a momentum standpoint.
Monitoring the breakout zone between $1,500 and $3,500, he defined the next critical reaction range. He charted a projection path toward $3,500 with steps near $2,250, consistent with Ethereum’s historical rally behavior. The broader structure now tilts bullish following this technical reset. With both patterns active, Ethereum trades at a technical inflection point, reclaiming bullish territory after months of compression.
