The Ethereum price has just broken out of a key symmetrical triangle pattern, signaling a potential surge to new levels above $3,000. The recent breakout is seen as a bullish indicator for the top altcoin by analysts who have closely watched the Ethereum price action for the past few months.
Ethereum Price Breaks Out Of Key Triangle Pattern
A popular crypto analyst identified as “TheMoonCarl” on X (formerly Twitter) has disclosed that the Ethereum price has finally broken out from its symmetrical triangle pattern. Sharing a chart illustration of the distinctive technical pattern, the analyst revealed to his 1.3 million followers that the symmetrical triangle pattern had begun forming in August 2024, extending through September and October to potentially reach a peak around December.
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However, before Ethereum could reach this designated endpoint, its price broke through the upper trendline of the triangle, indicating a potential bullish breakout to new highs. A symmetrical triangle is a key technical pattern that often indicates a period of consolidation followed by a breakout to the downside or upside.
In Ethereum’s case, its price has been on a major consolidation trend, failing to experience similar price surges seen in Bitcoin and other altcoins. With the now broken triangle pattern, TheMoonCarl is setting new bullish price targets at around $3,400 for Ethereum.
At the time of the symmetrical triangle breakout, Ethereum was trading at around $2,707. However, as of writing, the cryptocurrency has declined by 3.15%, pushing its current price to $2,629, according to CoinMarketCap. While the analyst is highly optimistic about his $3,400 Ethereum price projection, the cryptocurrency will still have to see a 29.91% increase to achieve this feat.
TH Whales Are On The Move
Amidst analysts’ bullish predictions for Ethereum and its recent breakout from a key symmetrical triangle pattern, reports have revealed that large-scale investors, typically referred to as “Whales” are now back in action.
Whale Alert, a blockchain tracker and analytics system revealed a series of substantial whale transactions involving the Ethereum token. In the last 24 hours, an Ethereum whale had moved a whopping 12,590 ETH tokens, worth approximately $33.8 million from an unknown wallet to Coinbase.
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Additionally, in the past few hours, another Ethereum whale had transferred 8,452 ETH tokens valued at $22.4 million from an unknown wallet to Binance. Typically, when whales move coins from their private wallets to a centralized exchange, it often indicates that they may be selling off their tokens.
While a full-blown sell-off could cast a shadow on Ethereum’s already slow price momentum, it appears that whales are not only moving ETH to exchanges but also potentially accumulating tokens. Whale Alert has reported that an anonymous whale recently moved 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’s recent breakout from its symmetrical triangle pattern, bullish momentum could push prices higher, potentially encouraging more buying activity.
Featured image created with Dall.E, chart from Tradingview.com