Technical analysis by weslad about Symbol ETH on 7/2/2025

Ethereum has been consolidating within a large-scale symmetrical pennant formation following its peak at $4,851. This macro structure, spanning several years, reflects sustained accumulation within a clearly defined corrective range, bounded by well-established trendline support and resistance.After reaching its all-time high, ETH entered a structured correction that has unfolded into what appears to be an ABCDE wave pattern. Currently, price action is developing near point D, approaching the upper boundary of the pennant a crucial area that could define the next directional move.In addition, the daily chart presents a developing Inverse Head and Shoulders (IH&S) pattern, with the neckline anchored around $2,855. This level is acting as a key resistance, temporarily halting ETH’s short-term upside. A confirmed breakout above the neckline would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.However, in the event of a temporary rejection at the neckline or pennant resistance, a retracement toward wave E becomes likely. This would bring price back into the $1,400–$1,800 support region a high-confluence demand zone that aligns with the long-term ascending trendline, previous breakout levels, and multiple historical reaction points. This zone may serve as a base for a strong bullish reversal.Recent price behavior shows compressed volatility and increased buying interest on dips, reinforcing the possibility of an imminent directional breakout. A decisive move outside this macro structure may mark the beginning of a new phase of long-term price expansion.Share your view with us in the comments, how do you see ETH playing out from here?Still in progress