Ethereum, the second-largest cryptocurrency, saw a 2% price surge on a low-volatility Sunday, climbing to $2,700. This rally comes as Ethereum breaks out of an 11-week accumulation trendline, signaling potential bullish momentum. Larger holders, or “whales,” continue to accumulate Ether, strengthening the chances of a breakout to $3,000 and beyond.
In this post, we’ll explore Ethereum’s technical indicators, market outlook, and potential price targets.
Since early August, Ethereum’s price has consolidated above $2,200, forming a symmetrical triangle pattern. This pattern usually indicates a temporary consolidation before resuming the previous trend.
However, Ethereum’s breakout from the upper trendline suggests a bullish reversal. As crypto market sentiment turns positive in “Uptober,” ETH has surged from $2,328 to $2,700—a 16.7% growth. Notably, Ethereum’s recovery challenges the upper boundary of the Bollinger Bands indicator, indicating strong buying pressure.
This concentration of Ether in the hands of large holders can reduce selling pressure and support a sustained recovery rally.
With Ethereum breaking through resistance levels, the current bullish sentiment may push the price toward $3,000, with the next major target around $3,375.
While the outlook is bullish, certain indicators suggest caution. The 30-day Market Cap to Realized Cap (MVRV) ratio has spiked by 6.5%, indicating that many short-term traders are now in profit.
If Ethereum fails to maintain its momentum and drops below the symmetrical triangle pattern, selling pressure could intensify, leading to:
Ethereum’s recent breakout from an 11-week accumulation phase and whale accumulation suggests strong upside potential. With sustained buying, ETH could rally toward $3,375 in the coming weeks. However, the spike in MVRV ratio hints at possible profit-taking, meaning traders should remain vigilant of short-term pullbacks.
For long-term holders, Ethereum continues to show promising growth as whale investors accumulate more supply. As always, investors should approach with caution and watch key resistance levels closely.
Key Takeaways Vitalik Buterin warns of significant centralization risks in Ethereum’s staking model. In October,…
Key Takeaways Bitcoin Nears $70,000: Bitcoin is once again on the rise, approaching its record…
IT professionals are primarily focusing on cybersecurity and artificial intelligence for their next technology certifications,…
Ethereum, the world’s second-largest cryptocurrency by market cap, is struggling to keep pace with Bitcoin’s…
The cryptocurrency market surged today, driven by a bullish performance from U.S. equities and heightened…
The specific leadership role that a CIO reports to has a major impact on the…
This website uses cookies.