Ethereum price started a modern week at extending last week’s gainswhich started after the support at USD 2,350 rebounded. Ethereum price has now emerged in this run pushing towards the resistance at $2,800which bulls are looking forward to breaking before the end of the week.

In airy of Ethereum’s recent price movement, a cryptocurrency analyst noted that the leading altcoin is gearing up for a massive move and things are about to get compelling.

Things will get compelling with the price of Ethereum

According to the analyst, known as @IamCryptoWolf on social media platform X, current market conditions and technical setup suggest that Ethereum may be preparing for a significant breakout, suggesting that “things are about to get compelling.

The prediction is based on analyzing the price action of Ethereum against the US dollar (ETH/USD) on the 3-day candle time frame, where the analyst identified the formation of an inverse head and shoulders pattern.

This inverse head and shoulders pattern is considered in technical analysis to be a forceful reversal signal, indicating a transition from a downtrend to an uptrend. The pattern consists of three distinct dimples: the left shoulder, the head, and the right shoulder.

The head forms the deepest hole, while the two arms constitute the smaller holes. The neckline, connecting the peaks between the shoulders, acts as a critical level of resistance. When price action decisively breaks above this neck line, it often causes momentum to boost dramatically.

For Ethereum, the analyst identified this neckline at around $2,800. Ethereum has been on an uptrend towards this level recently, which suggests a breakout may be imminent.

In terms of a breakout target, the analyst pinpointed the $3,400 level as the first key price zone to watch. A breakout from the $3,400 level would open the door for Ethereum to retest its yearly high above $3,920 towards $4,000 and possibly even create a modern one.

The $3,400 and $3,920 price targets represent an boost of 25% and 45%, respectively, over Ethereum’s current price.

Ethereum and the broader market context

Ethereum price behavior in 2024 was closely linked to general market conditions, especially Bitcoin movements. Many vast market cap cryptocurrencies started the week with gains as many bullish traders expect last week’s momentum to continue.

Ethereum’s price crossed $2,700 for the first time in October this weekend on multiple addresses was included in the long-term holdings cohortwhich further increases the bullish sentiment. At the time of writing, Ethereum is trading at $2,720, up 2.83% in the last 24 hours.

As things currently stand, the coming days could be crucial for the rest of the year as Ethereum potentially gears up for a significant upward move above $2,800, making things “about to get interesting indeed.”

Featured image created with Dall.E, chart from Tradingview.com