Ethereum (ETH/USD) Breakout – Next Targets $2,328 & Beyond!

Overview:
Ethereum has been in a downtrend, forming a descending channel, but it recently found strong support at $1,764 and has now broken out of a range-bound consolidation. This could be the beginning of a bullish move towards higher resistance levels.

Key Market Structure Analysis:
🔸 Previous Downtrend: ETH was trading within a bearish channel, creating lower highs and lower lows before bottoming out.
🔸 Accumulation Phase: A sideways consolidation range between $1,764 - $2,017 formed after the downtrend, signaling potential accumulation.
🔸 Breakout Confirmation: ETH has broken above the $2,017 resistance, suggesting that buyers are stepping in.

Potential Trade Setup:
✅ Bullish Scenario:

A successful breakout retest around $2,000 - $1,950 could provide an entry opportunity.
Upside targets:
🎯 $2,328.95 – Major resistance level from previous price action.
🎯 $2,559.17 – Next key resistance if momentum continues.
⚠️ Bearish Scenario (Invalidation):

A drop below $1,950 - $1,900 could push ETH back into the previous range.
Losing the $1,764 support could lead to a retest of $1,600 or lower.
Final Thoughts:
Ethereum is showing strength after breaking out of a key consolidation range. If the breakout holds, ETH could be gearing up for a strong rally toward $2,328 - $2,559. However, a retest of the breakout zone may provide a better risk-to-reward entry.

What do you think? Will ETH push toward $2,328 next? Drop your thoughts below! 🔥📈