Ethereum (ETH) is reportedly testing a multi-year resistance level for the third time after maintaining its long-term accumulation support, according to pseudonymous analyst Crypto Patel, who shares his analysis with a following of 68,000 on X.
Potential breakout scenario
Patel referenced a similar chart pattern observed in 2020 that preceded a rally to the cryptocurrency’s cycle high near $5,000. He suggested that a breakout from the current resistance could open a path toward higher price ranges, mentioning $5,000, $10,000 and $15,000 as possible targets.
Additional market perspectives
Fundstrat founder Tom Lee expressed confidence in Ethereum’s role as a settlement layer for Wall Street and artificial intelligence applications. Lee also indicated that he expects heightened investor interest in crypto, particularly ETH, through September and toward the end of the year.
Another analyst, known as Credible, projected a modest correction for ETH below $2,500 before a potential rise to around $2,800. Credible described the recent pullback as expected and noted that further upward movement could follow a pattern of “triple‑tap bases” and local demand formation.
Disclaimer
These observations reflect individual analyst opinions and do not constitute investment advice. Investors should conduct their own research and consider the risks associated with cryptocurrency trading.
