Is Ethereum (ETH) Ready to Explode? Wyckoff Pattern Suggests $2,700 Breakout Ahead

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While ETH has struggled to reclaim market dominance, optimism is returning as crypto analyst Incognito has highlighted a classic Wyckoff accumulation pattern forming on Ethereum’s chart.

According to his recent TradingView post, ETH could soon break out of its falling wedge structure – currently targeting $2,499 as the first stop, followed by $2,700.

The Wyckoff model suggests a transition from the accumulation phase to a markup phase, where prices rally sharply after prolonged consolidation.

Similar bullish outlook is supported by another analyst Crypto Patel who went further, predicting ETH to reach $6,000-$8,000 by year-end if momentum continues.

According to CoinMarketCap data, ETH trades at $1,630.55, down almost 19% in the past 30 days. The cryptocurrency is attempting to reclaim the 20-day Exponential Moving Average (EMA) at $1,652, the first layer of resistance.

Chart Analysis: Bullish and Bearish Scenarios

On the daily chart below, ETH appears to be breaking out of a descending parallel channel, a move typically followed by upward momentum. A breakout could result in ETH retesting $1,800 in the short term.

A confirmed breakout above $2,000 would validate the bullish thesis, targeting $2,330 and then $2,700.

Meanwhile, the MACD indicator shows that the MACD line (blue) has crossed above the signal line (orange) and is heading toward zero, a classic bullish crossover that often signals a trend reversal.

On the other hand, the Relative Strength Index is climbing toward the 50-level after bouncing from oversold territory, indicating growing buying interest but still room to run before hitting overbought conditions.

However, bearish risk remains if Ethereum fails to hold above current support. A rejection here could lead to a retest of the $1,500-$1,400 levels, invalidating the breakout and resuming the downtrend.

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