Ehereum Breakout Targets $6.6K as Analysts Spot Bullish Patterns

Ethereum (ETH) has broken out of significant chart patterns, signaling a potential shift in market structure. According to analyst Marzell, ETH has emerged from a falling wedge pattern and is maintaining its position above the breakout point. This technical development, when aligned with key Fibonacci levels, is widely interpreted as an indication that a trend change is in progress. Marzell emphasized that ETH has cleared the 0.382 Fibonacci retracement level, a move that typically favors price continuation if the level is retained.

Based on Fibonacci extension levels, Marzell has projected specific upside targets for ETH at $4,950, $5,760, and $6,690. “Momentum is turning bullish as key fib levels align,” Marzell stated, noting that the structure remains favorable unless key support levels break down. The immediate hurdle for ETH is confirming a sustained move above the $3,400 level. Success here could unlock significant upside potential, while failure might see a return to the $3,200 support range.

Short-term price action may be influenced by gaps in the CME futures market. Analyst CW reported that a new CME gap has formed near $3,330, while a previous gap remains open closer to the $3,000 level. These gaps often act as price magnets, attracting the asset’s price to ‘fill’ the void, and will be a focal point for traders depending on broader market moves.

Simultaneously, the performance of Ethereum against Bitcoin (ETH/BTC) is providing critical insight into broader market sentiment. Analyst Michaël van de Poppe highlighted that ETH is showing compression against BTC and is trading above the 21-day moving average. “ETH holding above the 21-Day MA against Bitcoin would signal that there’s more risk appetite flowing towards the altcoin markets,” van de Poppe noted. The ETH/BTC chart shows ongoing support at the 0.0325 BTC level, which has held multiple times, marking it as a key zone for continued altcoin strength.

Beyond technical patterns, fundamental and on-chain metrics are aligning to support the bullish outlook for Ethereum. Analyst Kamran Asghar identified another bullish setup, with ETH breaking out of a symmetrical triangle after months of sideways movement. The current price action has cleared the triangle’s upper range, putting a move toward the $4,200 resistance zone in view.

Network activity on the Ethereum blockchain is surging, providing a fundamental backbone for the price action. DustyBC Crypto reported a new high of 2.6 million daily transactions, indicating robust usage. Furthermore, as reported by CryptoPotato, futures market data reveals that open interest for ETH on Binance has climbed to $8.6 billion. This marks the highest level since October 2025 and follows a recovery from lower levels after recent liquidations, suggesting renewed and substantial speculative interest in the asset.

Collectively, the convergence of bullish technical breakouts, supportive ETH/BTC dynamics, and strengthening on-chain and derivatives metrics paints a compelling picture for Ethereum. While the path forward depends on holding key supports like $3,200 and conquering resistances such as $3,400, the setup outlined by analysts like Marzell points toward a significant trend reversal with substantial upside targets now in play.