Ethereum shows signs of a bullish breakout, with key support levels and resistance in focus for a potential surge - IcoHolder.

Ethereum may be poised for a significant price move, according to recent analysis and chart patterns that suggest bullish momentum is building. The world’s largest altcoin appears to have found stable footing between $1,580 and $1,640, consolidating after a turbulent period. Now, a symmetrical triangle pattern on the hourly chart is fueling speculation of an imminent 17% breakout.

Crypto analyst Ali Martinez, posting on X, highlighted the pattern, which typically indicates the potential for a major price shift. He noted that Ethereum has been forming higher lows in recent sessions, compressing into a narrow accumulation phase—a classic setup for a breakout. Martinez pointed to a critical level near $1,680; if Ethereum pushes past this resistance, it could mark the start of a sharp upward trajectory.

At the time of writing, Ethereum trades at approximately $1,640, with a market capitalization exceeding $198 billion. The triangle pattern suggests a possible move that could take ETH beyond $2,000 and potentially even challenge its all-time high of $4,800, depending on broader market dynamics and sustained momentum.

A bullish signal from the TD Sequential indicator on the weekly chart has added further weight to Martinez's prediction. He also cited strong support around $1,540, where over 822,000 ETH had previously been accumulated—offering a solid floor for any short-term corrections.

Ethereum’s broader ecosystem is also showing signs of life. Former core developer Eric Conner recently praised the network’s smart contract infrastructure, underscoring its potential for future innovation and new projects. This renewed optimism may drive investors to explore ETH-based tokens as viable opportunities, especially if Ethereum regains its upward momentum.

Still, the outlook is not entirely free of headwinds. The U.S. Securities and Exchange Commission has delayed decisions on Ethereum and Bitcoin spot ETFs from firms like WisdomTree and VanEck, injecting a note of caution into the market. Rumors of Ethereum possibly losing ground to competitors such as XRP further cloud the picture.

Yet, despite these uncertainties, the technical indicators suggest Ethereum is building toward a breakout. Whether this potential materializes depends on market sentiment, regulatory developments, and Ethereum’s ability to maintain support levels. For now, Ethereum remains one of the most closely watched assets in the crypto space—and possibly one of the best buys if bullish signals hold true.