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Ethereum may be entering a significant structural shift after breaking through a critical resistance level that analysts say could propel the cryptocurrency toward $2,900. Crypto analyst Ali said ETH has officially cleared the apex of an ascending triangle pattern, surpassing the pivotal $2,385 resistance zone, a move that technically opens the door to substantial upside.
Ali said the most important development is Ethereum converting the $2,385 level from resistance into a firm support floor. This “flip” is described as neutralizing recent bearish signals and pointing toward a continuation of the current trend for the world’s second-largest cryptocurrency by market capitalization. With the overhead supply cleared, the technical target for the ascending triangle formation is set at $2,900. Bulls retain the advantage as long as prices hold above the breakout zone.
In the short term, Ethereum climbed to a high of $2,466 on April 17, extending a recovery from a March 29 low of $1,937. Sellers attempted to cap the rally at that high, but bulls held the $2,300 level, signaling underlying demand.
Ali’s scenario suggests that a sustained hold above $2,385 could push ETH first toward $2,900, and then potentially to $3,050. The same analysis also points to the possibility of confirming a broader market bottom near $1,742.
Conversely, a sharp reversal below $2,300 would invalidate the bullish outlook in the near term. In that case, Ethereum could face a decline toward $1,916, which would imply the recent rally may have been a bull trap.
On the fundamental side, Ethereum processed a record 200.4 million base-layer transactions in Q1 2026, reflecting a multi-year recovery in network activity. Despite this, ETH is still more than 50% below its August 2025 peak near $5,000, highlighting a gap between strong on-chain fundamentals and the current market price. Bulls argue this divergence suggests Ethereum may be undervalued at current levels.
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