Ethereum is currently approaching its critical resistance level near $3,800. Analysts point to a bullish technical pattern emerging on its weekly chart as a signal for significant potential upside.
The observed descending broadening wedge pattern is reminiscent of ETH’s setup prior to its major bull run in 2020, often preceding substantial price breakouts. Recent price action saw Ethereum touch $3,812, consistent with typical wedge behavior involving multiple tests of key resistance.
Supporting the potential for a sustained upward move is robust institutional interest. Substantial inflows into approved spot Ethereum ETFs surpassed $2.18 billion in a single week. Concurrently, large investors, often called ‘whales’, have accumulated more than 500,000 ETH in recent activity, signaling strong confidence.
Based on Fibonacci extension levels and trendline projections, analysts suggest that a decisive break above the $3,800 resistance could propel Ethereum towards a target range between $8,000 and $10,000 by mid-to-late 2026.
Further underpinning the optimistic outlook is the continued growth and adoption within Ethereum’s Layer 2 ecosystem, enhancing the network’s scalability and utility potential.