According to Lookonchain, a whale has acquired 108,278 ETH, worth about $283 million. This closely followed Galaxy Digital’s OTC wallet withdrawal of 89000 ETH valued at $233.5 million. Also, Ethereum founder Vitalik Buterin has bought 296.4 ETH worth $783k and then transferred 693.9 ETH worth $1.83 million and $341k USDC to railgun.
The ETH accumulation by whales and Vitalik Buterin has stirred optimism amongst the Ethereum community, who are now hunting for analyst views, and the price targets for the short and long term.
Crypto analyst Michael van de Poppe, in a post, highlights that ETH has been slowly showing strength. The Ethereum/Bitcoin chart shared by him shows ETH breaking out from a falling wedge pattern, hinting at a bullish reversal. It is evident that after retesting, the breakout zone around 0.020, ETH surged and is now trading sideways above a key support area of 0.023, showcasing resilience.
What is indicated as the “party start” zone is where the next major resistance lies at $0.02884. That being said, holding above the current green support zone is critical for a resumption of the trend. While volume shows growing interest during the breakout, the RSI is trending steadily, supporting bullish momentum. A clear breakout above 0.02884 could trigger a sharp uptrend. Contrarily, dropping below 0.023 may invalidate the bullish thesis.
Also, looking at the higher time frame, ETH is moving in a symmetric triangle pattern that has been under construction since early 2021. A monthly close above the $3500 mark could trigger a breakout from the multi-year pattern to fresh highs.
Hodlers need to read our Ethereum (ETH) Price Prediction 2025, 2026-2030!
At the time of press, Ethereum is trading around the $3,800 mark, with a daily price change of +1.05%.
Ethereum needs to break above the 0.02884 BTC level on the ETH/BTC chart and secure a monthly close above $3,500 to confirm a multi-year breakout.
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