Ethereum price targets 2 levels after wedge breakout

Ethereum (ETH) on Ethereum broke out from a compressing wedge pattern on its 1-hour chart, with the price pushing above the $2,300 level in a move that could signal the start of a new upward trend.

"The breakout from the wedge is the first technical confirmation of a potential trend shift after weeks of consolidation," Jason Wu, an on-chain analyst, said. "Traders will now watch for a close above the pivot resistance at $2,400 to validate the move."

The price action had been tightening for days, coiling between descending resistance and short-term support. The breakout, confirmed around 08:00 UTC, saw volume increase as buyers stepped in. According to the measured move of the wedge pattern, the initial technical targets are set at $2,376 and, on extension, $2,457. Data from CoinGecko shows Ethereum's price at $2,305.12 as of 10:30 UTC, up 1.5% over the past 24 hours.

The primary challenge for the rally is a significant band of resistance between $2,400 and $2,500, a level that has rejected price advances multiple times since 2024. A failure to sustain momentum and break this zone could see Ethereum fall back into its previous trading range, with immediate support near $2,200. The next major signal for the market depends on whether buyers can hold control and push through this key overhead supply.

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