In this case, we must go back to the ~$110 low from 2020. It then rallied to nearly $5000 on several occasions, but these were false breakouts, as most highs were contained around $4100.
Thus, Ethereum remains in a long-term uptrend, as indicated by the lower, ascending dotted trendline. If ETH holds the sloping trendline, an immediate breakout above $4100 would target approximately $5525 on a linear scale: $1535 + ($4100 – 110). If Ethereum drops to ~$2200 support and then breaks out, we can expect ~$6190.
From a logarithmic-scale perspective, the triangle’s maximum width targets a whopping $60-80K. These numbers sound astronomical because they are ~2100% higher than current levels. However, ETH has already risen ~2800% from its $110 level in March 2020 in less than six years: (3150-110)/110. Thus, another >2000% gain in a few years is not out of the ordinary.
