Ethereum $6.6K Target: Is a Major Breakout Taking Shape?

Ethereum is holding firm above the $3,360 zone after pushing through several technical barriers, keeping bullish momentum intact. Market analysts are increasingly focused on whether this structure can support a sustained rally toward higher price targets, including the widely discussed $6.6K region. With key patterns resolving to the upside, price action is beginning to favor buyers rather than sellers.

 

Breakout Structure and Fibonacci Targets

Recent chart analysis shows Ethereum breaking out of a long-standing falling wedge formation, a pattern often associated with trend reversals. After the breakout, price has remained above the former resistance, suggesting that buyers are defending this level with confidence. The move also aligns with important Fibonacci retracement and extension levels, which traders often use to project continuation zones.

Analysts have highlighted upside targets around $4,950, $5,760, and $6,690, derived from Fibonacci extensions measured from the prior swing structure. Clearing and holding above the 0.382 retracement level further strengthens the bullish case, as this level typically supports trend continuation when respected. However, a decisive close above $3,400 is still needed to fully validate the next leg higher. Failure to do so could open the door for a temporary pullback toward the $3,200 support area.

Short-term dynamics are also influenced by gaps on the CME chart. One gap sits near $3,330, while another remains lower around $3,000. These levels could act as magnets for price action if broader market sentiment weakens.

ETH/BTC Strength and On-Chain Growth

Against Bitcoin, Ethereum continues to show constructive behavior. The ETH/BTC pair is trading above its 21-day moving average, a sign that capital may be rotating back into altcoins. Strong support around the 0.0325 BTC region has held multiple tests, reinforcing confidence in this pairing.

Ethereum holds key support as a fresh CME gap forms near the $3,330 level — a zone traders are closely watching for short-term price direction and potential volatility.

A new $ETH CME gap has formed. This gap exist since $3,325.

The previous gap near $3,000 still remains. pic.twitter.com/PTCgol3wEw

— CW (@CW8900) January 15, 2026

Additional technical setups point to upside potential, including a breakout from a symmetrical triangle that formed over months of consolidation. This structure places $4,200 as the next major resistance zone to watch.

Beyond charts, Ethereum network activity is accelerating. Daily transactions have climbed to new highs, and derivatives data shows rising open interest, reflecting renewed trader engagement. Together, these factors suggest Ethereum may be positioning itself for a larger move if momentum continues to build.

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