• Ethereum shows 16% weekly appreciation and is building up a bullish Descending Broadening Wedge chart pattern. 
• Technicians look for potential breakout through key resistance as the coin seeks new all-time highs. 
• Its price is supported by rising institutional interest, DeFi growth, and bullish sentiment in the market. 
• Experts estimate the cycle peak at $8,000-$10,000 if the existing momentum is continued.

Ethereum is on a positive price trajectory and experiencing a surge in its value, in line with the entire market. Over the last 24 hours, its price is up by 0.97%, and interestingly, looking at the last week, the coin gained a 16% surge. 

Overall sentiment in the market is bullish since Bitcoin is on its upswing and trying to touch its ATH at around $123,000. Such a rise in price has influenced the entire market, even the altcoins like Ethereum. 

Currently, ETH is trading at $3,680.38 with a 24-hour trading volume of $38.71 billion, down by 13.72% over the last 24 hours. The coin has a market capitalization of $443.5 billion, which is up by 0.95%.

Also Read: Ethereum Pulls Back from $3,851 to $3,658 – What’s Next for ETH?

ETH Targets Breakout Amid Bullish Wedge Pattern

A prominent crypto analyst, Crypto Bullet, highlighted that ETH is showing a remarkable recovery and is starting to form a Descending Broadening Wedge pattern, a historically bullish technical structure that often signals the start of significant rallies. 

This current setup is extremely close to the 2019-2020 price action where explosive growth in the previous cycle began. Traders and analysts are closely watching this setup as it builds momentum towards its next great breakout. 

The asset is retesting a most crucial resistance level for the third time in a row, where the zone has repeatedly capped the bullish attempts. Technicians judge retests at the resistance most likely to destroy the barrier in the subsequent periods, hinting at a potential breakout as momentum builds. 

Although there is still 10-15% short-range correction from this spot (identified as a level of interest key on charts), the correction as a positive retracement comes before the next up leg. 

Ethereum Breakout Looms: Can ETH Hit $10,000?

If the coin manages a decisive break above this level of resistance, analysts are predicting a sharp price spike with the potential for fresh all-time highs (ATHs). Such a break above the resistance level would almost certainly stimulate a buying frenzy and will additionally gain from bullish sentiment in the wider crypto landscape.

While Bitcoin still holds important areas of support and the overall picture is becoming bullish in attitude, Ethereum price movement may soon gain momentum in line with other large altcoins.

Most analysts have already been predicting cycle tops in the range of $8,000 to $10,000 for the coin in view of its strong fundamentals, expanding ecosystem, and rising institutional buying. With the coin continuing to emerge as the dominant layer-1 operating network behind DeFi, NFTs, and Web3 innovation, the current picture could presage one of the greatest bullish stretches ever.

Also Read: Ethereum Rally Gains Momentum: $10,000 Target if $4,000 Breaks