Ethereum Breaks Downtrend Structure: Analysts Eye $2,200-$2,400 Next

Ethereum's price has broken through its downtrend structure, according to analyst Qmo. This development is considered significant as it indicates a potential shift in the market trend.

The analyst notes that Ethereum has completed a downtrend breakout and retest, which is a crucial step in confirming a technical break of structure. The chart now appears to be consolidating inside a demand zone, which is a key area for traders to keep an eye on.

Qmo suggests that the next move could carry Ethereum's price towards $2,200-$2,400. However, this is subject to the preservation of the new structure and a break out of the demand zone.

Other analysts have also weighed in on the situation, with Crypto Patel providing a more prolonged timeframe analysis based on Ethereum's past four-year cycles. According to his chart, prior to any higher targets becoming realistic, the price needs to recover from resistance at around $3,945 and make a new all-time high.