Ethereum has finally broken free from a multi-year-long consolidation phase, sparking optimism in the crypto market. After struggling for over three years to stay above $4,000, ETH has now confirmed a decisive breakout, signaling the beginning of its next major rally. With momentum growing and technical indicators aligning, experts suggest that a push towards the $7,000 region could be on the horizon.
Mags, a well-known crypto analyst, recently shared a bullish update, predicting that ETH could potentially reach $7,331. This target aligns with the overall bullish trend that has emerged following Ethereum’s breakthrough above key resistance levels.
After enduring more than 1,146 days of consolidation, Ethereum finally surged past the critical $4,000 mark, marking a significant technical milestone. During this period, ETH made three unsuccessful attempts to surpass this resistance level, but the fourth try in August proved successful, confirming the breakout and signaling the start of a new bullish phase.
Since the breakout, Ethereum has been consolidating above $4,000, building momentum for a potential upward movement. The stability around this level indicates that buyers are actively defending support, maintaining the broader structure and setting the stage for a potential climb towards higher targets.
Mags also highlighted a brief fakeout where Ethereum briefly dipped below $4,000 to $3,800 before quickly rebounding in a V-shaped recovery. This rebound, fueled by strong buying pressure, further solidifies the bullish outlook. With the current price action holding steady, the analyst believes Ethereum is poised for a push towards the 1.618 Fibonacci extension level at $7,331, potentially defining the next significant wave in its ongoing rally.
Galaxy, another prominent analyst, noted that Ethereum has successfully retested the “V-bottom” structure along with a major triangle pattern dating back to 2021. This suggests that the asset may be entering a new growth phase after consolidating within these key technical formations for an extended period.
While Galaxy acknowledged potential obstacles ahead, such as dips, choppy price action, and periods of low volatility, the overall outlook remains highly optimistic. The analyst believes that Ethereum is gradually positioning itself for a major upward move, with the current structure indicating that a five-digit ETH price is increasingly within reach in the future.
In conclusion, Ethereum’s breakout from its consolidation phase has renewed bullish sentiment in the market, with analysts predicting a potential surge towards the $7,000 region. With technical indicators aligning and momentum building, ETH’s next major rally could be closer than ever.