The Macro View 🛰️
Ethereum has spent months coiling inside a massive Broadening Formation (marked as the first “Wedge pattern” on the left). This structure typically indicates a massive expansion in volatility once a boundary is breached. We are now entering that expansion phase.
The Setup: Break & Retest 🧩
The Breakout: After several failed attempts, ETH finally cleared the major brown Resistance Line that has capped price action since early March.
The Retest: Notice the green support box—this is the most important part of the setup. Price has returned to “kiss” the previous resistance, flipping it into solid support.
Local Structure: Inside the macro move, we are respecting a local Ascending Channel (labeled as the second “Wedge pattern”). This confirms that the short-term trend is perfectly aligned with the macro breakout.
The Roadmap: Target $2,550+ 🎯
As indicated by the black projection arrow, the path of least resistance points to the upper boundary of the broadening structure:
Immediate Support: The $2,280 – $2,310 zone must hold on a closing basis.
Primary Target: The top of the wedge near $2,550 – $2,600.
Invalidation: A sustained 8H close back below the brown resistance line (under $2,250) would negate this bullish thesis.