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Ethereum price It has just broken out of a major symmetrical triangle pattern, indicating that this may be the case Rise to new levels More than $3000. The recent breakout is seen as a bullish indicator for top altcoins by analysts who have closely monitored Ethereum’s price action over the past few months.
Ethereum price is breaking out of the main triangle pattern
A popular cryptocurrency analyst known as “TheMoonCarl” posted on X (formerly Twitter). It has been detected Ethereum price has finally broken out of the symmetrical triangle pattern. Sharing a chart of the distinct technical pattern, the analyst revealed to his 1.3 million followers that Symmetrical triangle pattern It began forming in August 2024, extending through September and October, reaching its peak around December.
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However, before Ethereum could reach this specific endpoint, its price broke through the upper trend line of the triangle, indicating the possibility of this happening. Bullish breakout to new highs. The symmetrical triangle is a major technical pattern that often refers to a The period of unification Followed by a breakout down or up.
In the case of Ethereum, its price was in a significant consolidation trend, and failed to experience a similar price Increases seen in Bitcoin And other alternative currencies. With the triangle pattern now broken, TheMoonCarl has begun setting a new pattern Bullish price targets At a price of about $3,400 per Ethereum.
At the time of the symmetrical triangle breakout, Ethereum price was around $2,707. However, at the time of writing, Cryptocurrency fell by 3.15%, pushing its current price to $2,629, according to CoinMarketCap. While the analyst is very bullish on his $3,400 Ethereum price forecast, the cryptocurrency still has to see a 29.91% increase to achieve this feat.
TH whales are on the move
Among analysts’ opinions Bullish forecast for Ethereum With its recent breakout of the major symmetrical triangle pattern, reports revealed that large-scale investors, commonly referred to as “whales” are now back in action.
Whale Alert, a blockchain tracking and analytics system, has made a series of important revelations Whale transactions Involving Ethereum token. In the last 24 hours, there has been an Ethereum whale Move A whopping 12,590 ETH tokens, worth around $33.8 million, were transferred from an unknown wallet to Coinbase.
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In addition, in the past few hours, there has been another Ethereum whale transfer 8,452 ETH tokens worth $22.4 million from an unknown wallet to Binance. Typically, when whales move coins from their own wallets to a central exchange, it often indicates that they may be selling their tokens.
While a complete sell-off could overshadow that Ethereum price momentum is already slowIt appears that whales are not only moving ETH to exchanges, but potentially accumulating tokens as well. Whale Alert recently reported the presence of an unidentified whale Move 8,811 ETH 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 the symmetrical triangle pattern, bullish momentum could push prices higher, which could encourage more buying activity.
Featured image created with Dall.E, chart from Tradingview.com