Ethereum Primed for $9,000 Surge After Critical Broadening Wedge Retest – Analyst
Ethereum's price action just flashed a textbook bullish signal—and one pundit claims it's setting the stage for a moonshot to $9,000.
The Broadening Wedge Breakout: ETH's recent retest of a key pattern suggests explosive upside potential. Traders who dismissed this as 'just another crypto pump' might soon regret their skepticism.
Why $9K Isn't Crazy: Technicals align with institutional accumulation—while retail investors remain distracted by meme coins and celebrity crypto endorsements. The smart money's betting on ETH to lead the next leg up.
Grain of Salt Warning: Of course, this assumes the broader market doesn't pull a 2022-style nosedive. But hey, in crypto, irrational exuberance tends to outperform cautious fundamentals—until it doesn't.
Ethereum Price Chart Signals Major Breakout
According to the new technical analysis released by crypto market expert Gert van Lagen on X social media, Ethereum could be gearing up for a major breakout move, with price action potentially targeting upper bullish levels around $9,000. This report is based on a key chart pattern, the Descending Broadening Wedge, which has historically proven to be a powerful bullish continuation setup.
On the weekly timeframe, ethereum has completed a breakout above the upper resistance of the long-standing Descending Broadening Wedge pattern. After its initial breakout attempt, Lagen notes that Ethereum is now retesting the former resistance trendline, which has flipped into potential support. This retest is considered critical, with the analyst highlighting it as ETH’s second attempt to break higher while sustaining its bullish momentum.
The technical setup, as outlined by Lagen’s price chart, shows a projected upside of 79% from the breakout point, which could send Ethereum soaring toward the $9,000 level. Lagen highlights that statistically, such patterns resolve upward 67% of the time, reinforcing ETH’s bullish outlook.
The price zone also aligns with a historical sell line—an area where traders may begin taking profits as the cryptocurrency approaches upper targets. Interestingly, Lagen notes that the Bitcoin price has previously formed a similar Descending Broadening Wedge structure. At the time, the analyst had predicted that a successful retest of the pattern’s upper boundary could trigger a massive surge to $230,000 for Bitcoin. This historical parallel reinforces the belief that Ethereum could be on the verge of a similar upward trajectory if the current retest confirms support.
Analyst Sees ETH Surpassing $5,000 This August
Despite ETH’s brief pullback, August is shaping up to be a potentially explosive month for the leading altcoin. Market expert, ‘Crypto GEMs’ on X, predicts that Ethereum will break past $5,000 before the month is over. The analyst’s technical chart shows a strong bullish setup forming after Ethereum’s brief price correction.
Currently, ETH is trading around $3,554 following a steep drop from its July highs of around $3,900. While this decline may appear concerning to some, crypto GEMs sees it as a golden buying opportunity. The analyst encourages traders to take advantage of lower prices and “buy the dip”, as ETH positions for its next potential leg up.
