Analysts describe this move as a “classic breakout-retest pattern,” paving the way for what could be a significant upward move for the second-largest cryptocurrency.
Chart analyst Merlijn The Trader highlighted the breakout, saying: “ETHEREUM just turned resistance to support. The red box was the final boss. Now a clean breakout + bullish retest.” According to Merlijn, the daily chart setup heralds the start of what he describes as “monster moves,” implying that Ethereum may be preparing for a substantial rally in the short term.
Ethereum turns key resistance into support – a classic breakout setup signaling the start of a potential ‘monster move’ towards $7,800. Source: @MerlijnTrader via X
The market reaction was mixed. Some traders are feeling encouraged by the breakout, citing volume confirmation and historical price behavior as evidence that ETH could reach $7,800 or higher. Others remain cautious, warning that if the support level does not hold, retracements could occur in the near term. Overall, community involvement indicates moderate optimism as Ethereum enters this critical phase.
Institutional momentum in support of ETH
Institutional interest is playing an increasingly important role in Ethereum’s bullish story. Tom Lee, founder of Fundstrat, has repeatedly emphasized that Ethereum is “significantly undervalued,” especially considering the platform’s role in tokenizing assets and hosting stablecoins. Lee believes ETH could surpass $10,000 if network adoption continues to grow, with some projections putting its value near $15,000 by the end of 2025.
Bitmine raises $165.7 million in Ethereum – sparking rumors that Tom Lee may have found his own ‘infinite money glitch’ moment. Source: @TedPillows via X
In addition to price forecasts, institutional flows are increasing. Major entities, such as BitMine Immersion Technologies, have accumulated Ethereum, reflecting confidence in the network’s long-term potential. This growing participation could provide additional stability and upside momentum as the market continues to digest the breakout.
ETH Price Technical Outlook
Ethereum’s current chart pattern is relatively simple but significant. First, the long-standing resistance between $4,000 and $4,500 has been cleared. Second, the price is once again testing the breakout level, which now acts as support. Finally, a sustained hold above this zone could allow the next move towards higher targets, reinforcing the bullish situation.
Wave analysis suggests a possible sell-off for ETH in early November, followed by upward momentum, with potential declines after Christmas – for educational purposes only. Source: traderisso on TradingView
Analysts view the range of $7,000-$8,000 as a realistic short-term target. If momentum continues, Ethereum could test levels above $10,000 assuming broader market conditions remain favorable. Technical indicators support the idea that ETH’s breakout structure is historically consistent with significant upside moves in the cryptocurrency space.
Risks and Market Considerations
Despite its optimistic technical design, Ethereum is not without risks. The newly established support must hold to maintain the bullish structure. If ETH falls below this zone, the breakout may fail, leading to possible retracements.
Broader market sentiment also plays a crucial role. Bitcoin’s movements and general risk appetite in the crypto markets remain key drivers. Additionally, Ethereum still faces network-level challenges, including scalability limitations and gas fees, which could limit price appreciation in the short term if not resolved.
Final thoughts
With key resistance levels successfully turning into support and institutional participation increasing, Ethereum is entering a pivotal phase. If the breakout holds, ETH could reach $7,800 in the near term, while long-term projections remain ambitious. Adoption trends, network upgrades, and the broader dynamics of the crypto market will continue to influence Ethereum’s trajectory in the coming months.
Ethereum (ETH) was trading around $3,826 at the time of writing, up 1.94% in the past 24 hours. Source: Ethereum price via Brave New Coin
Investors and traders should closely monitor both technical levels and market sentiment to assess the durability of this breakout. While the bullish numbers are compelling, caution remains essential in a market known for its volatility and rapid shifts.
#Ethereum #ETH #Price #Prediction #Ethereum #Expects #Breakthrough #Overcoming #Key #Resistance #Daily #Chart #BitRss #Crypto #World #News