Ethereum’s weekly price chart displays a Descending Broadening Wedge formation, mirroring a technical pattern observed during its 2019-2020 market cycle that historically preceded substantial bull runs.
Analysts report ETH is currently testing the wedge’s resistance boundary, noting that a decisive weekly close above this level could validate the start of a new bullish phase for the cryptocurrency.
While long-term projections suggest a potential cycle peak between $8,000-$10,000 based on Fibonacci extension analysis—aligning with historical resistance zones—a short-term correction of 10%-15% is anticipated first.
This expected pullback may function as a liquidity reset mechanism to strengthen the foundation for subsequent upward movement. Ethereum currently trades near $3,715, with market watchers forecasting heightened volatility as critical technical thresholds are approached.