Ethereum Breakout Imminent? Broadening Wedge Hints At $4,200 Surge
Ethereum (ETH) is potentially poised for a significant breakout, with analysts suggesting a target near $4,200. ETH is currently moving within a broadening wedge pattern, indicating increased market volatility and a possible breakout direction. A notable cluster of over $2.2 billion in short positions around the $3,000 level could trigger a short squeeze if ETH surpasses this price. Currently, ETH is trading 43.7% below its all-time high of $4,878 from November 2021. Institutional interest is rising, with ETH exchange-traded funds (ETFs) attracting $240.3 million in inflows, outperforming Bitcoin (BTC) ETFs. Despite ETH's underperformance compared to other altcoins in 2024, on-chain data shows no major resistance until $3,417. A recent golden cross on the daily chart suggests a bullish outlook, with ETH trading at $2,756, down 1.7% in the last 24 hours.
