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Technical analysis suggests a possible breakout of Ethereum ETH $2,476.05 Ethereum 1.15% Market capitalization $302.13 billion VOL. 24 hours $0.33 billion to $ 4,200. Analysts point to the formation of an expanding wedge on the weekly chart, a pattern with divergent trend lines that may indicate growing volatility and the potential for a significant upward movement. This scenario is supported by data on a significant number of short positions — more than $ 2.2 billion — near the $ 3,000 level, which could lead to a short squeeze in the event of a breakdown.
Institutional interest in ETH is also growing. In particular, the volume of inflows into spot ETFs on Ethereum has recently exceeded Bitcoin: $ 240.3 million versus $ 164.6 million, respectively. This may indicate a rotation of capital from BTC to ETH. Against this backdrop, some analysts compare the current situation to the period before the «alt-season» of 2020.
Despite the fact that Ethereum is still trading 43.7% below its all-time high ($ 4,878 in November 2021), technical signals indicate growth potential. In particular, a golden cross appeared on the daily chart, a signal that often precedes a strong uptrend. Moreover, according to online data, there is currently no significant resistance on the way to $ 3,417.
Although Ethereum has not yet reached new highs in 2024, as Solana or Tron did, the situation in 2025 looks favorable for its market recovery. Currently, ETH is trading at $ 2,756, down 1.7% on the day, but technical and fundamental factors suggest potential growth in the near future.