According to Cointelegraph on the 28th (local time), cryptocurrency analyst Jelle said, "A 'megaphone pattern' (expanding pattern) is forming on the weekly chart."
"This suggests a potential rise to as high as $10,000," he said. The megaphone pattern is a structure of gradually expanding highs and lows that are repeated, and it is likely to break through the resistance line.
A breakthrough would lead to a strong rally, but if momentum weakens, it could reverse course and turn downward. According to reports, ETH's current core resistance level is at the $5,000 level.
If it breaks through the 12-week simple moving average, it is expected that short positions worth approximately $5 billion will be liquidated, which could further accelerate the uptrend.
A pullback to the $3,500 support line (SMA) or the $3,000 support line, which coincides with the 25-week moving average, is possible. There is also a risk of a false breakout if the volume is not sufficient to confirm the move.
Trader Merlijn said, "ETH has formed a thick selling wall around $5,100," and "this level could be the 'ideal target point' for whale investors."
" He emphasized that "overly leveraged short positions are likely to be liquidated during this period," suggesting that whales could intentionally absorb liquidity and drive up prices.
Meanwhile, technical analyst Jackis said ETH will "continue its bull run for the next few years," recently breaking out of a four-and-a-half-year period of institutional buying.
He said that the past cycle effectively ended in December 2024, marking the beginning of a new structural expansionary phase. However, he warned of the possibility of volatility and adjustment in the short term.
ETH has faced resistance multiple times near its all-time highs and is currently testing trendline resistance for the sixth time, but historically, repeated resistance has tended to be broken through eventually.
The performance of Bitcoin is also an important variable. In a recent analysis, Econometrics stated that "ETH is expected to outperform Bitcoin in terms of price."
"Although they have performed well, the correlation between the two assets remains high," he said, adding that the correlation coefficient over the past five years has remained above 0.8 on average.
Experts believe that even if ETH enters a short-term correction phase, it will maintain its upward trend in the long term.
In particular, if the price stabilizes above the all-time high of $4,880 reached in 2021, further upward rallies could follow soon, analysts say.
2025/08/29 16:10 KST
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