Usman Salis
Ethereum is back in the spotlight. After months of consolidation, ETH has climbed above key short-term resistance levels and looks ready for a potential breakout. The big question now: can it push through the $5,666 mark—a target that's been on traders' radars since January?
Chart Analysis: Ethereum Targets $5,666
Technical analyst Muhammed suggests the structure supports a move toward that level, though history shows the $5,600–$5,700 range has been a tough nut to crack. If buyers stay in control, we could see a solid continuation. If not, a pullback might be on the cards before the next leg up.
The ETH/USDT chart shows a clear recovery after bouncing from $4,055 support. Ethereum has reclaimed momentum and is now testing mid-level resistance at $4,768. From the current price around $4,160 (up 5.8% on the day), the chart points to a potential 40% rally toward $5,666—marked by a blue arrow. However, a red "X" warns of possible rejection near that upper boundary, where selling pressure has historically kicked in.
Key levels to watch:
- Current Price: ~$4,160
- Mid-Level Resistance: $4,768 — a cap on multiple rallies throughout 2024–2025
- Main Target: $5,666 — the projected breakout zone
- Rejection Risk: Red "X" marks the area where ETH may face profit-taking
- Support Zones: $4,055 (short-term) and $2,723 (major structural floor from 2024)
The chart suggests a measured move setup: if ETH breaks cleanly above $4,768, it could extend into the $5,600–$5,700 zone before hitting resistance. A confirmed weekly close above $5,666 would signal a macro breakout, potentially opening the door to $6,500–$7,000—levels not seen since the 2021 bull run.
On the flip side, failure to hold above $5,666 could trigger a retracement back toward $4,768 or even $4,050, where fresh demand might step in.
Broader Picture: What's Fueling ETH's Momentum?
Ethereum's bullish setup isn't happening in a vacuum. Institutional interest remains strong, especially with renewed chatter around Ethereum spot ETF approvals and the upcoming Bitcoin halving—events that historically boost liquidity across crypto markets.
Beyond the charts, Ethereum's fundamentals are solid. Layer-2 growth, restaking protocols, and rising DeFi activity are all reinforcing ETH's long-term value. These tailwinds align nicely with the current technical pattern, suggesting that a sustained breakout above $5,666 could spark major capital rotation into Ethereum and related altcoins.
For now, all eyes are on that $5,666 level. It's the make-or-break zone that'll tell us whether Ethereum is ready for its next big move—or if it needs more time to build momentum.
Usman Salis
