- Ethereum is maintaining itself above $1,720, reflecting a possible breakout towards the $2,107 resistance point in the short term.
- Bull pennant formation suggests Ethereum would come in for a catastrophic lift, with the target at $2,250 after breaching strong resistance.
- Ethereum’s stability at around $1,502 indicates healthy bullish strength with further room for growth regardless of short-term volatility.
The recent Ethereum price action currently captures a consolidation phase following a prior bullish trend. Current technical data offers two potential breakout targets based on chart patterns and key support areas.
Short-Term Structure Points to $2,107 Upside
Ethereum has been trading within a defined accumulation range while maintaining its strength above key support. Price levels between $1,720 and $1,800 have formed a tight consolidation zone in early May. The market structure shows short-term resilience with a projected move above recent highs.
Source: Crypto General
Crypto General presented insights using a one-hour chart from Binance. The data covers price action from March to May 2025. The chart identifies support at $1,502.14 and short-term resistance around $2,107.53. According to Crypto General, a bullish divergence formed at $1,502.14, with price action stabilizing while momentum held steady. He noted this divergence signaled accumulation near the low, followed by recovery and sideways movement.
Price reclaimed the $1,720 level, turning it into support through the first week of May. Between May 1 and 6, the chart recorded multiple minor fluctuations near $1,800. The current price as of May 8, 2025, stands at $1,802.59 with a daily increase of 0.34%.
The analyst also pointed out a potential price retracement before continuation. A short dip below $1,760 may create a higher low before pushing upward. He traced a projected curve aiming toward $2,107.53, which reflects a 17% upside from current levels. This target aligns with the resistance zone last tested in early April before a steep decline.
Bull Pennant Signals $2,250 Breakout Level
Trader Tardigrade has offered additional insights using a daily chart from Bitstamp. His analysis builds on the longer timeframe and identifies a bullish continuation structure. The chart spans March through May 2025, capturing a shift from decline to breakout.
Source: Trader Tardigrade
The analyst mapped a descending trendline from March to April, showing Ethereum’s drop from over $2,900 to near $1,550. On April 20, ETH closed above the trendline, breaking resistance with a large bullish engulfing candle. Price then entered a triangular consolidation between $1,765 and $1,875, forming a bull pennant.
The apex breakout occurred in early May with a strong daily candle closing above resistance. Trader Tardigrade marked a breakout target of $2,250, derived from the flagpole attached to the pennant. This target represents a 21% move from the breakout level near $1,875. No indicators beyond trendlines and price action appear on the chart. The clean structure supports the continuation above $1,875, projecting toward the $2,250 level in the coming sessions.
