Ethereum Breaks Through Consolidation Pattern, Eyes $3K as Momentum Surges
Ethereum has broken through its multi-week consolidation pattern, and the price is now trading around $2.4K after reclaiming a descending trendline that had capped the broader recovery.
The move is supported by strong acceleration in momentum and a noticeable rise in short liquidations, but the sharp increase in RSI readings suggests the rally could become vulnerable to a near-term pullback.
On the daily chart, ETH has decisively broken above the descending trendline that had been in place for months. The breakout is particularly significant because the price had spent several months consolidating below that resistance while forming higher lows from the June bottom near $1.5K.
A sustained daily close above the $2.4K supply zone would strengthen the bullish structure and could open the way toward $3K and potentially higher, but the immediate challenge is whether buyers can sustain momentum above the $2.4K resistance zone.