Ethereum Price Targets $4,755 Amid Bullish Chart Patterns

Ethereum (ETH) price is gaining attention with its bullish trajectory, supported by technical patterns and improving market sentiment.

Analysts project potential price targets at $4,755 in the short term, with a mid-term outlook aiming for $6,000. The price is currently trading at $3,632.68, reflecting minor consolidation within a rising channel.

Bullish Inverted Head and Shoulders Pattern Targets $4,755

According to the Analyst CryptosBatman Ethereum has formed an inverted head and shoulders pattern on the 3-day chart.

This reversal signal indicates that Ethereum might be moving out of the bear territory and into the bull territory. Traders think it is a signal to a rally, bolstered by resistance and retracement levels at Fibonacci.

The Fibonacci level of 0.618 at $4,755 is the next major resistance level as has been seen from previous levels that have caused price retracement. CryptosBatman suggests that the present price action may push liquidity from short liquidations towards the $4,755 target.

If Ethereum gets to this mark, the rest of the crypto market may follow, which could mean the start of an altseason.

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Rising Channel Reflects Consolidation Before Breakout

On the Ethereum daily chart, we see that there is a well-defined rising channel forming with price oscillating between specific support and resistance levels.

The higher level at $3,500 is acting as a key support level with buyers coming back into the market to prevent a breakdown of the channel. Likewise, the $3,800 level is still presenting a tenacious barrier for more upside breakout.

Relative Strength Index (RSI) currently stands at 55.30 reflecting neutral condition and potential for rising or falling. Further, a declining trading volume is a sign that the market is in the consolidation phase. A push above $3,800 on the back of rising trading volume may open up the path towards $4,000 or even higher.

Analyst Indicates Ethereum Price Rise Towards $6,000

DaCryptoGeneral, another analyst, has set a target of $6,000 for Ethereum in the short to mid-term, based on ongoing upward trend.

The chart has marked a descending triangle in October 2024 and the breakout of Ethereum from this pattern is a bullish sign. Consecutive higher tops and the growing demand from buyers support this view.

Broader range bound trading remains between $4,100 and $4,470 with break of the latter suggesting the intermediate target is achievable. DaCryptoGeneral notes that Ether is already trading well above this level and forecasts that Ethereum has a clear path through this barrier owing to the strong momentum.

Ethereum Price Major Support and Resistance Levels

Resistance levels at $3,350–$3,400 have provided solid support to Ethereum to prevent further declines. In this case, any pullback below these levels could drive Bitcoin to $3,000 or lower.

On the other hand, immediate support is at $3800, and $4100 is the level to watch for the continuation of the bullish trend.

A move above $4,100 might lure new investors into buying Ethereum and, thereby, keep the price appreciation trend going. Fibonacci extensions from the long-term are $5,900–$6,000, these levels are the midterm targets for Ethereum.

Ethereum is expected to hit these targets but analysts have noted that continued momentum and higher trading volumes will be key.