Ethereum’s Magical Journey: From Pennants to $8,400 Wonders! 🤑✨

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Well, well, well! Ethereum has decided to wiggle its way back above the cheeky little number of $3,300. It seems our dear friend has been doing a slow dance in the bullish ballroom this past week! After months of wild rollercoaster rides and attempts to hop above $3,000, the monthly chart is starting to look like a party that traders might want to crash! 🎉

Now, hold onto your hats! A clever chap by the name of Merlijn The Trader on X has spotted something rather curious. Ethereum is inching ever closer to a moment where it could pop like a confetti cannon and shoot for the sky – with $5,000 being the glittering piñata at the end of the rainbow! 🌈

What’s This? A Bullish Pennant? Sounds Fancy!

Our friend Merlijn has whipped up a delightful chart showing a bullish pennant forming on Ethereum’s monthly timeline. Yes, a pennant! It’s not just for flags, you know. This little beauty shows that price action has been squished tighter than a sardine in a can between a rising support line and a descending resistance line since 2021! Talk about a dramatic squeeze! 🐟

Ethereum had a cheeky peek above this pennant’s upper boundary in 2025, flirting with the $5,000 mark before getting cold feet and retreating. Now, it’s returning to give that pesky resistance line another go. Will it or won’t it? Fingers crossed! 🤞

According to Merlijn’s crystal ball, the first hurdle Ethereum needs to clear is around $3,300. If it can leap over that, it might just hop toward $3,600, a spot that’s previously been quite the hot topic during past parties. But the real shindig happens at the illustrious $5,000 mark. Break through that, and we’ll see some serious bullish shenanigans unfold, taking us merrily through much of 2026! 🎈

What’s Next on This Wild Ride?

Merlijn doesn’t stop at just the breakout trigger. Oh no, he’s mapped out an entire treasure hunt for us! Once Ethereum breaks free from the pennant, the first step on this treasure map involves a leap over $3,600 before hitting the tantalizing $5,000. If Ethereum can make it past that milestone, we’ll be off to the races for brand new price highs! 🏁

But beware, dear traders! This breakout is expected to come with more twists and turns than a rollercoaster ride, complete with retests galore! It won’t be a smooth sail to the top, but if the pennant thesis holds, we might just find ourselves basking in higher prices! 🌊

Once we hit that magical $5,000, get ready for a two-stage extravaganza! The first stage involves a thrilling rally up to $6,000, then a sudden dip down to $4,000, followed by another recovery sequence. And then? Oh, then we’re looking at a final price target zone of a whopping $8,400! Can you feel the excitement in the air? 🎢

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2026-01-15 22:57