Ethereum Eyes $9K as Descending Wedge Signals Bullish Breakout

The leading altcoin, Ethereum ($ETH) , is potentially reaching a key price surge. The data from Gert Van Lagen shows that Ethereum ($ETH) is experiencing retesting of a Descending Broadening Wedge pattern while targeting surge to $9K, mirroring Bitcoin’s performance back in August 2024. The popular crypto analyst considers this to be a key indication of a continuation in the ongoing bullish trajectory. Based on the historical data, the respective pattern mostly, approximately sixty-five percent of the time, leads to bullish continuation.

Ethereum Retests Descending Wedge Amid Bullish Consolidation

In line with the market data, Ethereum ($ETH) is currently going through the retesting of a Descending Broadening Wedge pattern. This pattern usually resolves in a bullish continuation, as seen in 67% of the cases. The analyst has pointed out that $ETH has already seen a breakout from the respective pattern with a resilient 79% move. However, now, while re-testing its upper boundary for the 2nd time, it signifies a bullish consolidation.

Mirroring August 2024’s Bullish Retest of Bitcoin while Targeting $9K

Additionally, the present trajectory aims for a staggering $9,000 mark, where it is possible for the price to likely reach the sell line. Hence, such price pattern shows trader optimism as several consider this wedge pattern as a triggering point for a massive rally. To back his point, the analyst has assimilated Ethereum’s current pattern with Bitcoin’s ($BTC) pattern during August last year, which led to bullish continuation. Keeping this in view, Ethereum is potentially gearing up for another leg up amid positive market setup.