Cryptocurrency Analyst Ali Martinez Highlight bullish indicator which has reappeared on the Ethereum chart. Based on this development, the analyst has provided a price target. Cryptocurrency symbol It may arrive soon enough.
Bull flag formation on Ethereum chart
Martinez revealed that bull flag On the lower timeframes of Ethereum (LTF). He claimed that this indicates a potential rise of more than 4% towards $2,820 for Ethereum. ETH price Bitcoin has so far recovered impressively since its drop to $2,200 on August 5, and this bullish indicator confirms that this uptrend is likely to continue soon enough.
The Cryptomist He also shared similar sentiments to Martinez, suggestion The cryptocurrency price is expected to rise to $2,840 soon. The analyst stated that Ethereum’s price “looks good” around its current price level as it is in a demand zone with a potential ascending triangle. She also revealed that she would open a long position if Ethereum breaks out, with a price target around $2,840.
In an update to its analysis, The Cryptomist said: open That the breakout she was expecting has happened and the price target at $2,840 remains intact. A potential rise above the $2,800 level for Ethereum is important as it could pave the way for the cryptocurrency to reclaim the crucial support level at $3,000.
Cryptocurrency Analyst open He said that Ethereum price bounced off the support level on the weekly chart and now needs to close above $3,000 to get back into the range. He added that if Ethereum can close above $3,000 this week, next week will be huge for Bitcoin. Second largest cryptocurrency According to market value.
For now, Ethereum holding $2,600 and eventually breaking the $2,700 resistance will be crucial to continue its uptrend. Fundamentals, such as increased network activity and whale accumulation, suggest that Ethereum will reclaim the $3,000 level sooner rather than later.
like Cryptocurrency Analyst Crypto Kalio certainEthereum’s outlook on higher timeframes remains bullish, with the analyst expecting ETH price to rise to near $4,400 later this year.
Ethereum accumulation is increasing
Data From Market Intelligence Platform In the mass It shows that Ethereum accumulation is on the rise, especially among large coin holders. large shareholders Net inflows have increased by over 191% in the past seven days, indicating that these whales have been buying ETH down.
Data from Cryptoquant On-Chain Analytics Platform Provides more insight into how much these holders bought after that. Ethereum recent lowsSpecifically, addresses holding between 10 and 10,000 ETH and addresses holding between 10,000 and 100,000 ETH have purchased over 757,000 ETH since August 5.
At the time of writing, Ethereum is trading at around $2,600, down over 2% in the last 24 hours, according to Data From CoinMarketCap.
Featured image by Pexels, chart by TradingView
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