The $6.6K Target: Is Ethereum Ready to Explode?

Ethereum (ETH) is showing signs of strength after breaking out of key chart patterns. It has moved above several resistance zones, and analysts are tracking a possible move toward higher levels.

Breakout Pattern Signals Shift in Trend

According to analyst Marzell, ETH has come out of a falling wedge pattern and is maintaining above the breakout point. Such a pattern, coupled with alignment at Fibonacci levels, can be a good indication that a trend change is in progress. ETH has also cleared the 0.382 retracement level, which normally favors continuation upon retention.

Marzell shared target projections for ETH at $4,950, $5,760, and $6,690, based on Fibonacci extension levels. They stated, “Momentum is turning bullish as key fib levels align,” indicating that the structure remains favorable unless key levels break down.

ETH has yet to confirm a move above the $3,400 level. If that happens, analysts expect higher upside potential. If not, a return to the $3,200 support range could follow.

CW reported that a new CME gap has formed near $3,330, and another remains open closer to $3,000. These areas may attract the price action in the short term, depending on broader market moves.

ETH/BTC Setup and Market Sentiment

Michaël van de Poppe pointed out that ETH is showing compression against Bitcoin, with the pair trading above the 21-day moving average.

The ETH/BTC chart shows ongoing support at 0.0325 BTC, which has held multiple times. This zone is marked as a key area by analysts watching for continued strength across altcoins.

Moreover, another setup shared by Kamran Asghar shows ETH breaking out of a symmetrical triangle after several months of sideways movement. Current price action has cleared the triangle’s upper range, with a move toward the $4,200 resistance zone now in view.

Activity on the Ethereum network is also rising. DustyBC Crypto reported a new high of 2.6 million daily transactions. Meanwhile, as CryptoPotato recently reported, futures data shows open interest on Binance rising to $8.6 billion, the highest level since October 2025. This follows a recovery from lower levels after recent liquidations.

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