Critical Crossroads for Ethereum – Weekly Wedge Analysis and Next Price Target at $3,460:

Technical analysis reveals that Ethereum (ETHUSD) remains largely confined within a large converging wedge pattern on the weekly chart. While the price briefly broke above and below this long-term structure in 2025, it has since settled back inside, confirming that this converging pattern is defining the overall trend.

Weekly Chart
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More directly, on the daily chart, the price of ETHUSD has broken above the descending trendline that has served as a major resistance since October. The price first approached this resistance on December 4, and has since consolidated sideways, touching the trendline. This tight consolidation—rather than an immediate pullback—indicates strong buying pressure, suggesting the potential for a decisive bullish breakout.

Typically, a collective third touch of a trendline is followed by a sharp rejection. If the bulls succeed in breaking this long-standing resistance to the upside, the main next target will be the descending trendline resistance near $3,460.00. A successful close above this descending trendline would signal a clear breakout from the October downtrend and confirm a bullish turning point.

Daily Chart
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