The Ethereum token has broken out of a multi-year triangle pattern on the weekly chart, signaling the start of a bull run that is expected to last until 2024-2025. The breakout has led to a surge in ETH's price, which is currently trading at $4,002, with a target of $10,000 in the mid-term. Technical indicators, such as a cup-and-handle pattern and Fibonacci extensions, suggest further upside potential. Momentum indicators also support the bullish case, indicating strong buying strength in the ETH market. On-chain data shows that a majority of Ethereum addresses are currently "in the money," indicating a positive sentiment among holders. However, selling pressure could be introduced if the price approaches the break-even points of certain addresses. Overall, unless market conditions drastically shift, the breakout momentum of ETH is expected to remain intact.



Other News from Today