Ethereum Consolidates Near $2,440 as Wedge Breakout Awaits Confirmation

Ethereum has been consolidating near $2,440 after rallying from $1,900 to above $2,500 in late August.

The price needs to clear $2,550 on a daily close to confirm the rising wedge breakout and strengthen the case for a move toward $2,800.

Tom Lee said Ethereum could reach around $6,000 if Bitcoin hits $150,000, calling that a conservative estimate rather than an aggressive one. He made this comment while noting the record ETF inflows of $824.42 million for the week ending August 28, surpassing the prior week's record of $697.18 million.

The rising wedge breakout is still pending, and if Ethereum fails at $2,550 for a third time, September's historically weak seasonality could take hold, especially after such a strong August.