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Ethereum Set to Explode? Rare Weekly Wedge Pattern Nears Breakout Point
Ethereum completes a textbook descending wedge, often seen before explosive moves, with resistance at $3,740 signaling the breakout zone.
Whales added over 1.13 million ETH in two weeks, showing strong accumulation as Ethereum approaches the key breakout level.
Weekly momentum and volume are surging, reinforcing the wedge’s bullish setup and fueling breakout expectations toward $5,000–$6,000 targets.
Ethereum is showing signs of a potential breakout as a rare technical pattern nears completion on the weekly chart.
Textbook Wedge Formation Suggests Strong Upside
Ethereum’s weekly ETH/USD chart has formed a descending broadening wedge, a rare bullish pattern known to precede breakout moves. This structure is identified by lower lows and horizontal resistance, creating a fan-shaped triangle. Historically, such patterns have appeared near the end of consolidation phases before a major price rally begins.
According to technical observations shared by Titan of Crypto, Ethereum has traced the pattern precisely with alternating swings between the upper and lower boundaries. The price is now approaching the resistance level at $3,740, a zone that has previously held back upward momentum.
As of writing, Ethereum is priced at $3,626.40, and it has increased in value by 1.15 percent in the last 24 hours and by 1.04 percent in the last one week. A breakout above $3,740, followed by a retest of that level as support, may confirm the wedge completion.
Whale Accumulation Supports Bullish Outlook
Recent data also points to strong accumulation by large holders. Ali (@ali_charts) reports that Ethereum whales have acquired over 1.13 million ETH worth around $4.18 billion in the past two weeks. This aggressive buying suggests increasing confidence in Ethereum’s price potential.
Institutional and whale accumulation has historically aligned with bullish setups. The combined technical formation and heavy buying pressure may add further support to a possible breakout scenario.
Volume levels are also increasing, a key element in confirming breakout patterns. Rising volume often accompanies the final phase of wedge formations, reinforcing the probability of a sharp upward movement.
Market Conditions Show Room for Growth
Despite the recent increase in Ethereum funding rates, current levels remain below those seen during past bull runs. Crypto Rand noted that funding remains relatively low, leaving more room for bullish momentum to develop.
The current environment suggests Ethereum’s price action still has potential to expand without entering overheated territory. If momentum continues to build and resistance levels are breached, Ethereum could target between $5,000 and $6,000 based on the wedge’s projected move.
The post Ethereum Set to Explode? Rare Weekly Wedge Pattern Nears Breakout Point appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.