Ethereum Flips Major Resistance
Ethereum flips major resistance, bulls eye return to $2,900 as the cryptocurrency market experiences a bullish momentum following the US-Iran conflict relief. Ethereum, the world's largest altcoin, is up by over 3% in the past day.
Ethereum's Ascending Triangle Formation
Ethereum has benefited significantly from the shift in market sentiment, successfully flipping a key price resistance level during its market recovery. According to renowned analyst Ali Martinez, Ethereum has broken through the $2,385 critical barrier, which represented the resistance line of a major ascending triangle that has been forming since February.
Technical Analysis
An ascending triangle is a bullish chart pattern used in technical analysis that signals a potential continuation of an uptrend. Here, price repeatedly makes higher lows while also repeatedly hitting a horizontal resistance without breaking above it. When the price finally breaks above the resistance level, it often leads to a strong upward move.
Ethereum's Price Targets
With $2,385 now a support level, the analyst explains that Ethereum's major technical target lies at $2,900. However, immediate resistance lies around $2,721, indicating an additional price surge of at least 12% in the short term. Martinez warns that this bullish outlook is only valid as long as Ethereum maintains its new support zone.
Market Sentiment
A retracement below $2,385 would rouse market uncertainty and strengthen bearish sentiments. Ethereum remains deep in bearish territory, down 51% from its all-time high of $4,955 in August 2025.
Key Takeaways
- Ethereum has flipped a major resistance level, targeting a return to $2,900.
- The altcoin has broken through the $2,385 critical barrier, forming an ascending triangle.
- Ethereum's major technical target lies at $2,900, with immediate resistance at $2,721.
- The bullish outlook is only valid if Ethereum maintains its new support zone.
Frequently Asked Questions
What is an ascending triangle in technical analysis?
An ascending triangle is a bullish chart pattern that signals a potential continuation of an uptrend, where price repeatedly makes higher lows and hits a horizontal resistance without breaking above it.
What is Ethereum's current price and market sentiment?
Ethereum trades at $2,420, up 3.43% in the last 24 hours, with a bullish momentum following the US-Iran conflict relief, but remains deep in bearish territory, down 51% from its all-time high.
