Ethereum Shows Potential Breakout From Weekly Wedge With Targets Near $4,885 to $6,870

Key Points

1. Ethereum's weekly chart confirmed a breakout from a descending broadening wedge, indicating a bullish reversal and shift in market dynamics.

2. The breakout above the $3,000 resistance level marks a transition from consolidation to an upward trend.

3. Fibonacci extension levels project potential price targets at $4,885, $5,625, and $6,870, with the latter described as Ethereum's 'real moon zone.'

4. Ethereum's current trading price of approximately $2,940 reflects a 7.45% weekly gain, with 24-hour trading volume exceeding $21 billion, validating the bullish outlook.

5. The technical setup is supported by robust volume and price action, reducing the risk of false signals and suggesting sustained bullish momentum.