Ethereum is back to trading just above $3,300 per ETH in a slow bullish extension over the past week. After months of wide swings and failed follow-throughs above $3,000, the structure on the monthly timeframe chart is beginning to look bullish in a way that traders should take seriously.
A recent technical breakdown shared by Merlijn The Trader on X shows that Ethereum is approaching a moment where consolidation could give way to forceful expansion, with $5,000 as the most important inflection point.
Bullish Pennant Says Bullish Momentum About To Be Unlocked
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The chart showing the technical analysis from Merlijn shows a bullish pennant forming on Ethereum’s monthly timeframe. This bullish pennant shows that price action has been compressing between a rising support line and
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