- Ethereum transitions from descending channel to symmetrical triangle pattern since April
- Technical indicators show mixed signals with upward moving average but weak ADX reading
- Breakout above current levels could target $4,000 resistance
Ethereum has captured the attention of veteran technical analyst Peter Brandt, who suggests the cryptocurrency may be preparing for a major price breakout after months of consolidation.
The digital asset recently surged from approximately $2,400 to over $2,700 between June 9 and June 10, continuing its recovery momentum following earlier market weakness. Brandt’s analysis points to evolving chart patterns that could signal ETH’s time to outperform after lagging behind Bitcoin’s gains.
The price action shows a technical transition that began in mid-April when Ethereum broke free from a descending channel that had contained its movements since December 2024.
During that extended period, ETH price peaked above $4,000 before entering a controlled decline that tested various support and resistance levels. Key price points included resistance near $3,700 in January and support around $1,390 in April, establishing the channel boundaries.
ETH Symmetrical Triangle Suggests Consolidation Before Major Move
Following the April breakout, Ethereum’s price structure evolved into a symmetrical triangle formation, which typically indicates market consolidation before directional momentum resumes.
This pattern has created defined boundaries with support tested multiple times, most recently on June 6 at $2,392, while resistance near $2,700 has proven resilient since May. The triangle formation suggests buyers and sellers are reaching equilibrium before the next major price movement.
Technical indicators present mixed signals about Ethereum’s immediate direction. The 18-period moving average trends upward and currently provides dynamic support, suggesting short-term bullish momentum could be building. This moving average alignment supports the recent rally and indicates potential strength beneath current price levels.
However, the Average Directional Index currently reads 22.72, indicating weak trend strength since readings below 25 typically suggest consolidation rather than strong directional movement. This ADX level implies the market remains indecisive despite recent gains, with neither buyers nor sellers establishing clear control over price action.
Brandt’s optimistic outlook centers on his belief that “Every dog has its day — woof woof ETH,” suggesting Ethereum’s period of underperformance relative to Bitcoin may be ending. This commentary implies the analyst expects ETH to catch up with broader cryptocurrency market gains after an extended period of relative weakness.
The technical setup presents clear upside and downside scenarios for traders monitoring the pattern. A break below $2,150 support could trigger bearish breakdown toward the long-term support near $1,390.
