- Ethereum breaks out of a falling wedge near $1,500, reversing months of decline and signaling a fresh bullish momentum shift.
- Ethereum maintains a bullish structure with higher lows and no rejection near $2,150, suggesting strong buyer interest continues.
- The breakout past the wedge without a retest and the confluence at $2,150 highlight Ethereum’s growing strength and trend reversal.
After months of gradual decline, Ethereum seems to be making a big comeback, according to Captain Faibik. The asset has broken out of a long-term falling wedge pattern after bottoming out at $1,500. This bullish move, observed in early April, signals a major shift in momentum. Ethereum now trades just below the critical $2,150 resistance.
Falling Wedge Breakout Confirms Trend Reversal
Ethereum has a negative trend for several months, making a string of lower highs and lower lows. Usually regarded as a bullish reversal pattern, this price action created a falling wedge formation. Within the wedge, Ethereum consolidated multiple times, creating small flag formations that paused the decline temporarily. Despite occasional rallies, the asset failed to breach the descending trendline.
Ethereum eventually found support close to $1,500 and started to rise gradually. Early in April, green candles emerged, indicating a strong buying trend. Ethereum then confirmed the breakout by soaring past the wedge’s upper border. There was no retest for the move, indicating strong bullish interest. The prior downward trend was reversed by this change in price behavior. A fresh bullish structure was indicated by lower highs giving way to higher lows.
Crucial Resistance Ahead at $2,150
Currently, Ethereum trades just under the $2,150 resistance level. This zone combines both horizontal and diagonal resistance. Besides, it previously acted as a major support area during earlier price action. The resistance trendline converges at this level, forming a key confluence.
Moreover, Ethereum maintains bullish structure as it approaches $2,150. No rejection candles have emerged, indicating continued interest from buyers. If the asset clears this barrier, it may target higher resistance zones in the short term. Additionally, although volume data is absent, the sharp breakout hints at growing demand. The pattern aligns with a textbook falling wedge breakout.
