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Ethereum Breaches Key Resistance Where It Faced Multiple Rejections, Analyst Shares Next ETH Target As Price Moves Beyond $2,400

Felix Küster

January 10, 2024

Ethereum has seen positive momentum resurge recently and is now trading back above the key $2,400 level. Multiple influential crypto analysts spot signs of growing bullish conviction centered around a major technical breakout:

Captain Faibik inspected ETH’s daily chart, identifying the development of a robust ascending triangle targeting a move towards $3,000 once resolved upwards. This long-term base signals a pending bullish continuation.

Fellow chartist Universe of Crypto agreed, highlighting a falling wedge pattern on the weekly timeframe that is also on the verge of breaking out. Successfully clearing resistance opens the door for fresh all-time highs.

Adding color, trader Skew notes the $2,320 to $2,382 zone has been stubborn resistance for Ethereum, rejecting advances repeatedly. But gaining and holding a foothold above $2,400 likely confirms the upside resolution of these structures.

Both daily momentum and the reclaimed 4-hour 50 EMA showcase command buyers in the near term as ETH pushes towards its next test around $2,500.

And excitement continues to build ahead of a long-awaited Bitcoin spot ETF approval announcement, which could provide an added catalyst boost.

In summary, analysts spot Ethereum price action healthily developing within textbook bullish continuation patterns spanning different time horizons. The converging signals point to an imminent upside breakout likely unfolding across February.

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