- Ethereum’s monthly triangle pattern could target $8,000 if price closes above $4,100 resistance.
- SharpLink Gaming adds 83,561 ETH, but ETF outflows of $465M weigh on near-term price action.
- ETH holds $3,100 support as traders watch for breakout from long-term consolidation since 2021.
Ethereum (ETH) is trading at $3,603 and is compressing inside a large monthly symmetrical triangle. Analysts suggest that a breakout from this pattern could open the path toward the $8,000 price target. Multiple technical indicators and institutional activities are closely watched by market participants.
Monthly Triangle Pattern Signals Major Price Move
ETH has been moving within a symmetrical triangle since 2021, according to an analysis prepared by Titan of Crypto. The upper trendline has served as resistance near the $4,000 level, while the lower trendline has offered consistent support. This narrowing price action is forming a classic triangle setup.
The measured move from the triangle’s base to the top gives a projected target of around $8,800. ETH must break and close above the resistance line to confirm this pattern. Price has tested this upper resistance multiple times but has not yet produced a breakout. Analysts believe a close above $4,100 could be the catalyst for upward momentum.
Mihir, known as @RhythmicAnalyst, noted that Ethereum has consolidated around the same range since May 2021. “This long consolidation is creating energy for a breakout,” he stated. This pattern may reflect Ethereum’s maturing market position and growing institutional interest.
Institutional Demand and Market Reactions
Ethereum recently saw major corporate accumulation. SharpLink Gaming acquired 83,561 ETH, bringing its total holdings to 521,939 tokens. However, this buying did not push the price beyond key resistance zones, with selling pressure from ETFs offsetting gains.
US Ethereum ETFs recorded $465 million in outflows on a single day, the largest since inception. Despite this, ETH futures showed strong activity, with $108 million in liquidations, indicating increased volatility. On-chain data from CryptoQuant revealed that aggressive sellers outpaced buyers by over $418 million in taker volume.
As ETH stays above key support at $3,100 and approaches resistance near $4,000, traders are watching closely. According to Altcoin Sherpa, “ETH still looks fine on lower time frames and is still going to $5,000+.” The monthly triangle continues to compress, suggesting a breakout toward $8,000 remains possible.
