- ETH forms triangle as $1,640 resistance tightens
- MACD crossover and RSI boost bullish sentiment
- Pectra upgrade fuels ETH recovery momentum
Ethereum is showing signs of a potential breakout on the hourly chart after forming an ascending triangle pattern over the past week. The price recently reclaimed the $1,600 support level and is now testing the upper boundary of the triangle, indicating a possible move toward higher resistance levels.
Technical Signals Indicate Bullish Breakout Potential
CryptoQuant on April 16, 2025 observed that Ethereum formed a consistent pattern of higher lows while meeting resistance near $1,640. This setup has led to an ascending triangle, which is often seen as a bullish continuation pattern.
ETH is currently trading near $1,582 after bouncing from the $1,550 zone, which marked a short-term bottom.The Relative Strength Index (RSI) on the hourly chart has moved above 50, reflecting growing strength.
Meanwhile, the MACD shows a bullish crossover with rising histogram bars, suggesting buying interest is increasing. Price is also trading above the 100-hour Simple Moving Average, which typically supports upward trends.
Ethereum’s Recovery Builds Momentum as Upgrades Approach
As per CoinGecko data, Ethereum recovered over 10% from its recent low of $1,385, following global market reactions to macroeconomic news. The upcoming Pectra upgrade on May 7 is also contributing to renewed confidence. This update is expected to improve network scalability and reduce costs.
Ethereum’s network remains strong, with over $46 billion in Total Value Locked (TVL) and 4,983 active decentralized applications. According to DefiLlama, ETH continues to lead the DeFi market with 51% share, reinforcing long-term user interest despite short-term volatility.
With Ethereum holding above $1,600 and pressure building near $1,640 resistance, a breakout from the ascending triangle could open the path to $1,700 and beyond. Traders are watching for volume confirmation to validate this move.
