Ethereum Trades Inside A Multi-Year Bullish Pennant – Analyst Sees A Breakout Above $4K
Ethereum experienced one of its craziest days in its history last Monday, falling more than 30% in less than 24 hours amid widespread market panic caused by fear of the U.S. trade war. But within hours, ETH made an impressive recovery after President Trump announced negotiations with Canada and Mexico to ease tariff concerns. This sharp rebound has rekindled optimism among investors, and many are now paying close attention to Ethereum’s next move.
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Despite recent volatility, top analyst Jelle shared a technical analysis showing that Ethereum is still trading in a huge bullish Bullish Pennant, which has been forming since 2021. This long-term structure shows that ETH is still in the consolidation stage and has established momentum for breakthroughs. According to Jelle, large-scale price rallies are expected once Ethereum decisively departs from this model.
With the stability of the market Investors reevaluate their positions and ETH remains one of the most watched assets. Although short-term price action is unpredictable, the long-term bullish structure provides strong support for Ethereum’s growth potential. Traders and analysts are now looking for key technical signals that can confirm breakthroughs and drive ETH to a new historical high.
Ethereum struggles below key supply levels
Ethereum is currently facing serious sales pressure, struggling to regain a crucial $3,000. The Bulls are in trouble because ETH is still trapped below this level, resulting in higher uncertainty and volatility in the market.
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Ethereum trading day below $3,000, with the possibility of deeper corrections increasing as traders are cautious and emotionally weakened. The inability to obtain this psychological motivation makes investors pay attention to the short-term direction of ETH.
But despite the ongoing struggle, top analyst Jelle Shared technical analysis on Xrevealing that Ethereum is still trading in a huge bullish chest corner. According to Jelle, ETH deviates from the highs and lows of the pattern, and now the market is marking its direction for the level of the marking key supply. This means that although short-term price action remains uncertain, Ethereum’s long-term structure suggests a possible breakthrough.
Jelle believes that once Ethereum manages to surpass the bullish structure, it will exceed the $4,000 mark. This breakthrough will confirm the rally in price discovery, setting the stage for Ethereum to reach a new all-time high. While still under control, the long-term bullish formation suggests that ETH may be ready for major moves in the coming months.
Price action details: technical level
Ethereum is currently trading at $2,820 and still cannot test the critical $3,000 level. Price action remains weak as ETH strives to exceed the $2,900 mark and has now become a short-term supply zone. The failure to push higher signals that the bulls are losing momentum and that the market is still in a state of uncertainty.
If Ethereum loses a $2,800 support level, a deeper correction may be made, potentially reducing the price to the $2,500 region. This will be a major setback for the Bulls as it will confirm further downward pressure and can expand the current phase of integration.
On the other hand, if ETH manages to recoup the $3,000-$3,100 level in the coming days, it will mark a new bullish momentum. A successful breakthrough beyond this range could inspire a massive surge, pushing Ethereum to higher supply levels and moving towards a potential run of $3,500 and beyond.
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At present, Ethereum is still at a critical moment, and price action marks risks and opportunities. Traders and investors are paying close attention to key levels of resistance and support as ETH prepares for the next major move.
Featured images from DALL-E, charts from TradingView
