Anika Begay
Cryptocurrency analyst Ali Martinez highlighted a bullish indicator which has reappeared on the Ethereum chart. Based on this development, the analyst provided a price target that the cryptographic token It could come soon enough.
Bullish pennant forms on Ethereum chart
Martinez revealed that a Bull pennant on the lower time frames of Ethereum (LTF). He said that this indicates a potential increase of over 4% towards $2,820 per ETH. The price of ETH has so far recovered impressively after dropping as low as $2,200 on August 5, and this bullish indicator confirms that this uptrend is likely to continue quite soon.
Cryptocurrency analyst The Cryptomist he also shared a similar sentiment to Martinez, suggesting that the crypto token could soon rise to $2,840. The analyst said that Ethereum is “looking good” around its current price level, as it is in a demand zone with a possible ascending triangle. He also revealed that he would open a long position if ETH breaks out, with his price target around $2,840.
In an update on its analysis, The Cryptomist revealed that the expected turnaround has occurred and the price target of $2,840 remains the same. A potential rise above $2,800 for Ethereum is significant as it could pave the way for the cryptocurrency token to reclaim the crucial support level at $3,000.
Cryptocurrency Analyst Cryptocurrencies revealed that Ethereum price bounced off the support on the weekly chart and now needs to close above $3,000 again to re-enter the range. He added that if ETH can close above $3,000 this week, next week will be huge for the second largest crypto token by market capitalization.
For now, Ethereum holding $2,600 and eventually breaking the $2,700 resistance level will be key to continuing its uptrend. Fundamentals such as increased network activity and whale accumulation suggest that ETH will reclaim the $3,000 level sooner rather than later.
AS Cryptocurrency analyst Crypto Kaleo confirmedEthereum’s forecast for higher time frames is still bullish, with the analyst predicting that ETH could rise to nearly $4,400 by the end of the year.
Ethereum accumulation is on the rise
Data from the market intelligence platform In the Block shows that Ethereum accumulation is increasing, especially among large holders. big holders Net flow has increased by over 191% in the last seven days, indicating that these whales have taken advantage of the decline in ETH.
Data from Cryptoquant on-chain analytics platform provides further insights into how much these holders subsequently purchased Ethereum’s 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 around $2,600, down more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView
