Ethereum Price Analysis: ETH ‘seconds Away’ From Breakout Toward $4.4k

Ethereum neared a falling wedge breakout, eyeing a potential rally toward $4,400 by mid-December if the bullish setup is confirmed.

Ethereum’s native token, Ether (ETH), is “seconds away” from entering a convincing breakout stage, according to analyst Kamran Asghar.

Ethereum is nearing a breakout from a falling wedge, with a target of $4,400.

A bullish crossover in Ethe’s MACD indicator supports the short-term upside outlook.

As of Wednesday, ETH painted a textbook falling wedge structure while its Moving Average Convergence Divergence (MACD) indicator signaled a bull cross.

The falling wedge typically suggests that bearish momentum is fading. In Ether’s case, the structure has been developing since early October and is now approaching a breakout point near $3,560, which also aligns with the 0.236 Fibonacci retracement level.

A decisive move above this resistance could confirm a breakout, setting the stage for a rally toward $4,415 by mid-December, which is roughly 25% higher than current levels.

The target corresponds to the 0.786 Fib level, which previously acted as a key resistance zone.

Adding weight to the bullish outlook, Asghar highlighted that Ethereum’s MACD, a momentum indicator, is “seconds away” from completing a bullish crossover.

The MACD compares two moving averages to detect shifts in trend strength. When the faster blue line crosses above the slower orange line, it suggests that buying pressure is overtaking selling momentum.

Source: CoinTelegraph