Ethereum (ETH), the second-largest cryptocurrency by market cap, is on the brink of a major breakout, according to well-known crypto analyst Jelle. In a recent tweet, Jelle pointed out a potentially bullish scenario for Ethereum, noting that ETH is nearing a breakout from a downward wedge pattern. The analyst emphasized that after regaining the 100-day Exponential Moving Average (EMA), Ethereum needs a slight nudge to break out from the months-long continuation pattern, setting its sights on a target above $4,000. The falling wedge pattern, often seen as a bullish signal in technical analysis, indicates that a significant price move could be imminent.

Reclaiming the 100-day EMA is a crucial milestone for Ethereum, as this level often acts as support, bolstering the possibility of an upward breakout. If ETH successfully breaks out of the falling wedge, it could aim for the $4,000 mark, a key psychological and technical level for the cryptocurrency. This potential movement could attract more investors, further increasing the price and trading volume.

Signs of bullishness are evident for Ethereum. Currently, ETH is trading at $3,101, experiencing a slight dip of 0.28% in the past 24 hours. Despite this minor decline, Ethereum's price has shown a positive trend over the past week, gaining 4.07%. This upward momentum is reflected in the increased trading activity, with the 24-hour trading volume jumping by 35.51% to reach $11.17 billion.

Moreover, technical indicators reinforce the bullish outlook for Ethereum. The Relative Strength Index (RSI) stands at 51.93, indicating positive market sentiment. The Moving Average Convergence Divergence (MACD) level is at -26.25, suggesting a buying opportunity for investors.

In conclusion, this analysis shows that Ethereum is on the verge of a notable price breakout, with technical indicators and trading volume supporting a bullish scenario. Investors and traders will be closely watching for a decisive move above the current levels, potentially pushing ETH's price toward the $4,000 target.