Ethereum Turns Bullish After Multi-Year Breakout — $7,000 May Be Imminent

Ethereum has finally broken free from a multi-year-long consolidation phase, reigniting bullish sentiment across the crypto ￰0￱ spending over three years struggling to hold above the $4,000 level, ETH has now confirmed a decisive breakout, a move seen as the start of its next major ￰1￱ momentum building and technical indicators aligning, analysts suggest that a run toward the $7,000 region could be closer than ever Ethereum Breaks Free After 1,146 Days Of Consolidation Mags, a popular crypto analyst on X, recently shared a bullish update, noting that ETH could be on track to reach the $7,331 ￰2￱ to the analyst, this target aligns with the broader bullish trend that has been forming since Ethereum’s breakout above key resistance ￰3￱ Reading: Global M2 Money Supply Says Ethereum Price Will Reach $20,000, Here’s When After more than 1,146 days of consolidation from its bottom, Ethereum finally broke above the crucial $4,000 level, marking a significant technical ￰4￱ this cycle, ETH had made three prior attempts to break past this resistance, each ending in rejection.

However, the fourth attempt in August succeeded, confirming the breakout and signaling the start of a new bullish ￰5￱ the breakout, ETH has been consolidating above the $4,000 zone, building momentum for what could be the next leg ￰6￱ stability around this level indicates that buyers are actively defending support, keeping the broader structure intact and setting the stage for a potential continuation toward higher ￰7￱ also pointed out that Ethereum experienced a brief fakeout, where the price dipped below $4,000 to reach $3,800 before staging a sharp V-shaped ￰8￱ rebound, driven by strong buying pressure, further strengthens the bullish ￰9￱ the current price action holding firm, the analyst believes Ethereum is primed for a move toward the 1.618 Fibonacci extension level at $7,331, which could define the next major wave in its ongoing ￰10￱ Confirms Major Structural Retest: The “V-Bottom” Is Holding Strong Galaxy, a prominent crypto analyst, recently shared an update noting that the ETH chart has successfully retested the “V-bottom” structure along with the major triangle pattern that dates back to ￰11￱ signals that the asset may be entering a new growth phase after consolidating for an extended period within these key technical ￰12￱ Reading: Ethereum Ready For Round 2?

Analyst Forecasts Early October Rally Amid $4,200 Retest While Galaxy acknowledged that the road ahead won’t be smooth, with potential dips, periods of choppy price action, and stretches of low volatility, the overall outlook remains highly ￰13￱ analyst believes that Ethereum is gradually positioning itself for a major move upward, with the current structure suggesting that a five-digit ETH is becoming an increasingly realistic target in the ￰14￱ image from iStock, chart from ￰15￱