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Ethereum price It has just broken out of a major symmetrical triangle pattern, indicating potential upside. soar to new levels Over $3,000. Analysts who have closely followed the Ethereum price movement over the past few months consider the recent breakout to be a bullish indicator for the top altcoin.
Ethereum price has broken out of the main triangle pattern.
A famous cryptocurrency analyst known as “TheMoonCarl” on X (formerly Twitter) revealed Ethereum price has finally broken out of its symmetrical triangle pattern. Sharing a chart illustration of a unique technical pattern, the analyst told his 1.3 million followers: symmetrical triangle pattern It is likely to begin forming in August 2024 and extend into September and October, reaching its peak around December.
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However, before Ethereum reached the designated end point, the price broke the upper trend line of the triangle, indicating a potential breakout. Bullish breakout to new highs. The symmetrical triangle is a key technical pattern that often indicates: integration period A breakout into a downtrend or uptrend follows.
In the case of Ethereum, the price has been in a major consolidation trend without experiencing similar price fluctuations. The surge seen in Bitcoin And other altcoins. Now with the broken triangle pattern, TheMoonCarl is doing a new setup. Optimistic price target For Ethereum, it’s about $3,400.
At the time of the symmetrical triangle breakout, Ethereum was trading at around $2,707. However, at the time of writing, Cryptocurrency fell The current price is up 3.15% to $2,629, according to CoinMarketCap. The analyst is very optimistic about his Ethereum price prediction of $3,400, but the cryptocurrency still needs to rise 29.91% to achieve this performance.
TH The whale is on the move
among analysts Optimistic predictions for Ethereum And recent reports of departures from the main symmetrical triangle pattern suggest that large investors commonly referred to as “whales” are now active again.
Whale Alert, a blockchain tracking and analytics system, has revealed a series of significant revelations. whale trading It is related to Ethereum tokens. Over the past 24 hours, the Ethereum whale has moving A whopping 12,590 ETH tokens worth approximately $33.8 million were transferred to Coinbase from an unknown wallet.
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Moreover, another Ethereum whale has appeared in the past few hours. transferred 8,452 ETH tokens worth $22.4 million were transferred to Binance from an unknown wallet. Typically, when whales move coins from their personal wallets to a centralized exchange, this often indicates they can sell the tokens.
A full-scale sale may cast a shadow, but Ethereum’s Already Slow Price MomentumWhales appear to be moving ETH to exchanges as well as potentially accumulating tokens. Whale Alert recently reported the sighting of an unnamed whale. moving 8,811 ETH was sent from Binance to an unknown wallet.
These multiple transactions create uncertainty about whether whales are selling more than they are buying. However, with Ethereum recently breaking out of its symmetrical triangle pattern, bullish momentum could push the price higher and potentially encourage more buying activity.
Featured image created with Dall.E, chart from Tradingview.com