Ethereum has shown remarkable performance over the last 24 hours, with its price nearing its prior all-time high. Data from CoinGecko indicates that ETH surged to $4,837, just shy of its 2021 peak of $4,878. This increase followed Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, where he suggested that anticipated rate cuts could be on the horizon.
Interestingly, Ethereum is performing well against the dollar and against Bitcoin, as technical analysis reveals a long-awaited structural trendline appears to be breaking in Ethereum’s favor.
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Analyst Calls Out ETH/BTC Breakout
According to a recent technical analysis, initially disclosed on social media by crypto analyst Ted Pillows, Ethereum is poised for a strong performance against Bitcoin. Ted noted that the ETH/BTC breakout has finally occurred after nearly eight years of persistent resistance rejections.
The analysis, based on the 2-week (2W) timeframe of the ETH/BTC pair, shows Ethereum’s price action decisively breaking above a long-term descending trendline that has been in place since 2017. At the time of the analysis, the ETH/BTC pair traded around 0.04077 following a 7% price increase for Ethereum.
Interestingly, the chart illustrates how the ETH/BTC pair has repeatedly attempted to break above this descending trendline without success. The latest effort began in July 2025 and has unfolded over the past few weeks. The most recent 2-week candlestick shows the ETH/BTC rising above the trendline.
Chart Image From X: Ted Pillows
However, Pillows tempered his optimism with a note of caution: “I just want a 2W confirmation above this level, and you’ll be surprised to see the Ethereum rally,” he remarked. This indicates that confirmation is critical for Ethereum to continue to outperform Bitcoin. The breakout will be confirmed once the 2-week candle closes above resistance, which could convert the former downtrend into a support base for the ETH/BTC pair.
$5,400 Bull Flag Target
Another analyst, Titan of Crypto, pointed out a bullish configuration on the shorter-term 4-hour ETH/USD chart. Analyzing the 4-hour candlestick timeframe shows Ethereum breaking out of a well-defined bull flag pattern, a continuation pattern often found in the midst of a trend.
The breakout, which is already in progress, commenced when Ethereum exceeded $4,200 in August. The analyst forecasts a price target of approximately $5,400 to $5,477, implying that Ethereum could not only retest but also surpass its all-time high, entering new price zones above $5,000.
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At the time of this writing, Ethereum was priced at $4,748.
Featured image from Unsplash, chart from TradingView
