Ethereum has experienced a significant breakout from a bullish market structure, as per analysis by Bitcoinsensus.
The recent surge in Ethereum's price was preceded by a successful retest of a long-standing trendline, considered a bullish confirmation signal.
Traders are eyeing Ethereum as a potential catalyst for the next major altcoin rally, supported by bullish momentum indicators like the weekly MACD.
Key price targets for Ethereum are identified as $5,800 as the next immediate resistance level and $8,600 dubbed as the 'Euphoria Zone' indicating a potential parabolic phase.