Ethereum is showing signs of a potential breakout after forming an ascending triangle pattern over the past week. The price recently reclaimed the $1,600 support level and now faces resistance near $1,640, which could signal a move toward higher levels. Technical signals are supporting this bullish outlook. CryptoQuant observed an upward trend with higher lows, meeting resistance near $1,640, leading to the formation of this ascending triangle. The MACD is showing a crossover with increasing histogram bars, suggesting growing buying interest. Meanwhile, the RSI on the hourly chart has moved above 50, reflecting growing strength. The price is also trading above the 100-hour Simple Moving Average, which typically supports upward trends.