Ethereum Exhibits Bullish Technical Formation, Signaling Potential 35% Upswing

As of April 19, 2025, Ethereum’s price chart reveals a compelling bullish pattern that technical analysts interpret as a precursor to significant upward momentum. The formation, which adheres to classical technical analysis principles, suggests a potential 35% appreciation in ETH’s value if current market conditions persist. This development comes amid heightened institutional interest in smart contract platforms and follows Ethereum’s recent network upgrades. Market observers note that the pattern’s reliability increases when accompanied by rising trading volumes and positive on-chain metrics, both of which are currently present in Ethereum’s market structure. The projected surge would place ETH at levels not seen since its last all-time high, potentially catalyzing renewed retail investor participation in the cryptocurrency markets.

Ethereum price technical analysis

The daily chart shows that Ethereum remains in a strong bearish downtrend after peaking at $4,100 last year. It continues to trade below both the 50-day and 200-day Exponential Moving Averages and below the key support level at $2,140. This support is notable since it was the neckline of the triple-top pattern on the weekly chart. 

On the positive side, Ethereum has formed a bullish divergence pattern as the two lines of the MACD continue to rise. The Relative Strength Index has also moved slightly above the descending trendline.

The coin has also formed a giant falling wedge pattern, comprising two descending and converging trendlines. As these lines approach convergence, there is a likelihood of a strong bullish breakout in the NEAR term. If this happens, the next level to watch will be $2,140, the lowest swing in August and September last year. This target is about 35% above the current level.