The post ETH Eyes $4,500 as First Target appeared on BitcoinEthereumNews.com.

The Ethereum token has officially entered the spotlight as it breaks out of a multi-year triangle pattern on the weekly chart. According to insights from technical analyst Captain Faibik, the breakout signals the start of the much-anticipated 2024-25 bull run. Currently trading at $4,002, ETH has surged over 7.93% in the past week, edging closer to the crucial $4,500 level. $ETH is finally Breaking out of Massive Triangle on the Weekly TF Chart..!! Ethereum 2024-25 bull run is Officially Started. 📈 Midterm Target: $10K!#Crypto #Ethereum #ETH #ETHUSDT pic.twitter.com/NQ3s2taX92 — Captain Faibik 🐺 (@CryptoFaibik) December 7, 2024 This breakout marks the end of a prolonged consolidation phase characterized by lower highs and higher lows, culminating in a bullish resolution. As a result, Captain Faibik points to a potential mid-term target of $10,000, aligning with historical patterns observed during Ethereum’s previous bull cycles. ETH Bullish Pattern Targets $4,500 According to a TradingView analysis, the ETH token chart reveals a textbook cup-and-handle pattern, a bullish formation suggesting further upside potential. The pattern’s breakout height of approximately 37%, combined with Fibonacci extensions, points to a short-term target of $4,500. As of press time, the cryptocurrency is testing the neckline resistance near $4,087, and a decisive break above this level could confirm the continuation of its rally. Moreover, the Fib retracement levels have played a key role, with the handle finding support near the 38.2% retracement zone at $3,342, reinforcing the bullish outlook. From a technical perspective, momentum indicators further strengthen the bullish case scenario. The relative strength index, for instance, sits at 72.31, implying a heightened buying spree in the ETH cryptocurrency. Historically, Ethereum has displayed an ability to hold critical levels, consistently building on its momentum and achieving new highs in similar scenarios. Yet these very levels often coincide with overbought conditions, signaling…

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Filed under: News - @ December 8, 2024 2:37 am