The analysis identifies a bullish pennant pattern on the ETHUSDT monthly chart, noting a breakout above resistance at $4200. The analyst infers a target price of $6900 and a failure point around $3861, advising a long position. It also checks that if Ethereum break the $3400 then bullish pennant will be guaranteed closed and broke to the upside. It’s noted that a previous rejection around $4000 was due to the lack of factors such as treasury companies, ETF inflows, and government tokenization mandates, all now present. Benjamin Cowen's target range between $5700 and $7500 is referenced, suggesting a reasonable target of $6900. The Ethereum/Bitcoin ratio is also bullish, showing a bounce in 2019 from 0.01772. The heat map analysis indicates support at $3861.