According to an analysis first posted on the TradingView platform, this formation is a strong bullish signal that could push the Ethereum price toward $3,800 if history repeats itself. The falling wedge, which is generally known to be a bullish price action structure, is developing between the 50-day and 200-day moving averages for Ethereum, in line with a similar pattern from that preceded an Ethereum price rally last year.
This marks a steady climb from the lower end of the wedge pattern, bringing the cryptocurrency closer to breaking above the upper trendline around $3,250. Related Reading: Historical Data Shows What To Expect From Ethereum Price In Q1 2025 – It’s Very Bullish While the technical setup leans bullish after the predicted breakout, it is important to note that Ethereum faces a significant resistance hurdle between $3,400 and $3,500.
Furthermore, the cryptocurrency has yet to recover towards its 2021 all-time high unlike many of its other crypto counterparts with large market caps. Related Reading: Ethereum Price Eyes $4,000 With Rising Channel Pattern Technical analysis of the current Ethereum price action shows that the leading altcoin has been trading in a decline since the beginning of the year.
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