Ethereum finally didn't disappoint the bulls this week.

Over the past few weeks, ETH has been bouncing around in price, but looking at the 12-hour candlestick chart, the situation has changed — it has officially broken through the downward channel that has been pressing on it since the second half of last year. Meanwhile, the total transaction volume of the entire Ethereum ecosystem has surged to a new high this year, and market sentiment is beginning to warm up.

The price is steadily staying above $3000, and now everyone is pondering one thing: Is Ethereum about to enter a new upward phase?

**Technical Analysis**

From a chart pattern perspective, this breakout is not random. ETH has broken through the upper boundary of the downward channel that has been suppressing it for more than half a year on the 12-hour chart. At the same time, the price is also approaching the 50-period moving average. What does this mean? The control of the bears over this decline is clearly weakening.

Some analysts point out that follow-up buying after breaking the trendline is crucial. Currently, the price has stabilized above the previous channel resistance level, which is gradually evolving into a short-term support zone.

**How High Can It Go**

Based on historical resistance levels and volume hotspots during consolidation, the market has provided several reference points:

The first target is $3410, the second target is $3770, and a more aggressive target could be $4250. These levels are not arbitrary; they are areas where ETH repeatedly faced rejection and underwent multiple adjustments during its previous declines.

From another perspective: if the trend truly reverses upward, these levels will be tested in sequence. Of course, this depends on the trend actually reversing and being confirmed.