- Ethereum builds a strong pattern with a target near $5,941 as price holds close to the $2,462 range.
- Charts show a tight range forming just below $2,900 which could unlock more upside if broken cleanly.
- Indicators support rising momentum and volume as traders wait for confirmation of a breakout to higher zones.
Ethereum is nearing a critical technical breakout with analysts targeting $2,891.76（UTC+8） as the next decisive resistance level. The asset currently trades near $2,462 after a minor dip of 1.50% on Binance. A move beyond $2,900（UTC+8） could set the stage for a rally toward $5,941.63 based on chart projections and volume gaps.
Source: X
ETH Charts Reveal Bullish Pattern With Defined Price Zones
The current Ethereum daily chart on Binance suggests a maturing inverse head-and-shoulders structure forming near the $2,450 to $2,900 range. The asset recently rebounded from a neckline structure with rising volume and support. Key horizontal resistance is visible at $2,891.76（UTC+8）, which traders have marked as the breakout trigger.
Above this zone, the next visible resistance cluster lies near $4,837.68, aligning with previous support turned resistance. Volume Profile bars on the right side reveal a liquidity gap between $2,900 and $4,800, indicating less supply congestion. If ETH breaks above this void, prices may rise rapidly with minimal opposition.
Analyst projections note that a rally toward $5,941.63 remains possible, should ETH confirm the breakout structure. The chart also marks this price as part of the macro wave structure count. The completion of Wave 1 at $6,727.62 and the correction phase appear consistent with Elliott Wave modeling.
Price Action and Technical Indicators Support Reversal
The daily stochastic RSI is now climbing from oversold conditions, showing renewed upward momentum building from June into July. Meanwhile, volume signals show strengthening interest, particularly after ETH rejected lower levels near $2,300 several times in recent sessions. This multi-rejection suggests strong buying interest defending critical support zones.
ETH’s price now consolidates within a tightening range, coiling between $2,400 and $2,890 over recent weeks. As consolidation extends, the probability of a directional breakout grows. Technical traders consider such price compressions ideal setups for major moves.
Additionally, the chart identifies the 0.618 Fibonacci retracement near $3,338.91（UTC+8） as a future resistance zone. Historically, ETH has respected Fibonacci levels, particularly during major reversals or continuation setups. Breaking past the $2,891（UTC+8） zone would put ETH on track to retest those higher Fibonacci levels.
Will Ethereum Break $2,900 and Trigger a $5,941 Surge?
With ETH hovering near $2,462, the pivotal question remains: Can Ethereum decisively break $2,900（UTC+8） and begin a rally toward $5,941?
Traders, including Michael from social media, have flagged $2,900（UTC+8） as the line for full bullish commitment. He stated, “Big Mike goes full bulltard when $ETH breaks above $2,900（UTC+8）.” His comment reflects broader sentiment across technical communities. Many traders now await confirmation before engaging high-leverage trades.
The chart structure and RSI alignment show favorable conditions for a move, but resistance remains firm just under $2,900（UTC+8）. If broken, this price level could invite strong spot and derivatives flow into Ethereum. Such breakout setups have historically led to double-digit gains in short periods.
Ethereum now stands at a critical juncture, where technical alignment and volume data suggest momentum is building for a significant trend change. The $2,900（UTC+8） line will likely determine if the next leg toward $5,941 becomes a reality.
