Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is poised for massive upside momentum as it has formed a bullish price action pattern on the daily time frame. In the past few hours, sentiment across the cryptocurrency market has completely changed, with the price shifting from experiencing downside momentum to upside.
Before the opening bell of the United States market, ETH was witnessing a modest price decline, but this changed completely as the price moved from the $3,190 level to the $3,445 level in a matter of six hours. This massive upside momentum gained significant attention from crypto enthusiasts, resulting in substantial accumulation.
Today, January 15, 2025, a blockchain-based transaction tracker, Lookonchain, made a post on X (formerly Twitter) stating that a newly created wallet had withdrawn a significant 1,799 ETH worth $5.92 million from Binance. In such market conditions, the withdrawal of an asset is considered a purchase and signals a fresh acquisition, making it an ideal buying opportunity.
This recent accumulation, upcoming political events, and the SEC’s recent plans regarding pending cases have resulted in a significant price surge in ETH. Currently, ETH is trading near $3,460 and has witnessed a price increase of over 8.2% in the past 24 hours. Moreover, during the same period, trader and investor participation jumped by 15% compared to the previous day.
According to expert technical analysis, ETH is back above the crucial support level and is poised to breach the falling wedge price action pattern on its daily time frame.
Based on the recent price action and historical momentum, if ETH breaches the pattern and closes a daily candle above the $3,600 level, there is a strong possibility it could soar by 15% to reach the $4,000 level in the future.
On the positive side, ETH’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset still has enough room to soar to the predicted target.
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