ETH's breakout from the triangle pattern suggests a strong upward trajectory. The consistent support at $3000 has been tested multiple times, indicating a robust base for further gains. Now that ETH has surpassed the resistance level, the next target appears to be $3500.

The rise in Ethereum's price is fundamentally supported by a recent legal definition provided by the U.S. Department of Justice. The Department identified the Ethereum blockchain as a “decentralized network based on a set of rules and protocols” with no “central actors running the Ethereum network” and “no need for a trusted intermediary.” Industry legal experts believe this definition could serve as crucial evidence that Ethereum should not be classified as a security. This perspective undermines potential accusations from the U.S. Securities and Exchange Commission (SEC) and strengthens the case for the approval of spot ETH-ETFs in the near future.