Ethereum Poised for Breakout as Bulls Tighten Their Grip on $3K
Ethereum (ETH) is quietly building pressure beneath a critical ceiling — and the charts suggest it may not stay quiet for long. Currently trading at $2,660.71, ETH has been steadily climbing and now forms a textbook ascending triangle, a bullish formation that often precedes an explosive breakout.
The triangle pattern has been developing over the past two weeks, with buyers consistently stepping in at higher levels while sellers continue to defend resistance near $2,735. It’s a classic tug-of-war — but the balance appears to be shifting in the bulls’ favor.
The steady rise in higher lows signals increasing confidence among buyers. If ETH breaks above $2,735, it would mark a significant technical victory, potentially unlocking a rally toward — and beyond — the $3,000 level. Such a move would extend Ethereum’s impressive rebound from April’s lows near $1,390.
Momentum indicators are also aligning. A bullish crossover between the 50-day and 100-day simple moving averages appears imminent — a traditional green light for trend-following traders.
Meanwhile, the Bollinger Bands — a measure of volatility — have tightened to a spread of just $250, hinting that a large move could be on the horizon. Historically, such contractions in volatility have acted as precursors to sharp price swings in ETH.
Technical analysis legend Charles Kirkpatrick once noted that ascending triangles resolve to the upside 77% of the time, usually breaking out just past the halfway point of their formation — a milestone Ethereum seems to be approaching.
Still, traders should stay alert: a failure to break resistance and a drop below the ascending support would flip the script and could trigger a wave of selling.
For now, though, the bias remains bullish — and Ethereum appears to be one breakout away from reclaiming $3,000.
