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The Ethereum price has finally surpassed a months-long consolidation pattern, indicating the potential onset of a substantial bullish trend. The recent breakout from an Ascending Triangle formation implies that ETH is poised for further increases, with a cryptocurrency analyst proposing a price target of $7,800 in the forthcoming months.
Ethereum Price Aiming for $7,700 ATH
The Ethereum price is anticipated to aim for a new all-time high of $7,800 following its recent breakout from an Ascending Triangle. For months, this cryptocurrency has been trading within this traditional bullish chart pattern, observing higher lows while encountering significant resistance at a set level.
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This consolidation pattern has been in effect since late 2024, establishing strong resistance at $4,000. TradingView analyst Sohaibfx has forecasted that should Ethereum breach this resistance threshold, it would confirm a bullish trend, triggering a strong upward continuation in its price.
Reviewing the analyst’s price chart, Ethereum spent several months fluctuating between $2,000 and $4,000 in Q1 2025. This area represented an accumulation phase where buyers had discreetly established their positions in anticipation of a prospective rally.
A descending channel highlighted in orange in the price chart also indicates that Ethereum underwent a noteworthy retracement mid-to-late 2024 before breaking out. This was likely the final shakeout prior to regaining its bullish momentum.
According to Sohaibfx, a measured move from the Ascending Triangle suggests that Ethereum is set for an explosive 333% increase to $7,800. This optimistic target is computed by assessing the height of the triangle, which is the difference between its base at $2,000 and the resistance level at $4,000.
Once the price exceeds the resistance, the standard approach for estimating the forthcoming move is to add the triangle’s height to the breakout point, resulting in a technical target of $6,000. Nevertheless, based on historical price movement and significant buying pressure, the Ethereum price could surge even higher, with $7,800 representing a crucial psychological threshold.
Support Levels and Momentum Indicators to Observe
In his price evaluation, Sohaibfx has identified the $4,000 and $3,000 levels as support zones for Ethereum. This support is expected to serve as a safety barrier, where buyers are likely to step in to avert a further downturn after Ethereum achieves its anticipated $7,800 goal.
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Looking ahead, the analyst emphasizes critical momentum indicators that should be observed. While the analyst’s chart does not specify indicators such as Moving Average Convergence Divergence (MACD) or Relative Strength Index (RSI), Ethereum’s sharp upward movement suggests that robust momentum will play a significant role in its ascent to a new ATH.
Sohaibfx has urged traders to monitor RSI levels that surpass 70, as overbought conditions may indicate a potential retracement while Ethereum approaches higher altitudes.
Featured image from Adobe Stock, chart from Tradingview.com