Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself increasingly optimistic about Ethereum’s potential growth trajectory. The bullish indicators highlighted by analysts like Ali Martinez, The Cryptomist, and Crypto Kaleo suggest that ETH could indeed reach the $2,800-$4,400 range in the near future.


crypto expert Ali Martinez pointed out a positive signal in Ethereum‘s graph, which suggests potential price growth for the cryptocurrency. According to his analysis, Ethereum may soon hit the projected value he set based on this new development.

Bull Pennant Forms On Ethereum’s Chart

Martinez disclosed the appearance of a bull pennant pattern on Ethereum’s lower timeframes, suggesting a possible 4% increase towards $2,820 for ETH. He believes this uptrend could resume shortly, given ETH’s impressive recovery since plunging to $2,200 on August 5, and the bullish indicator reinforces his prediction.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

 

In simpler terms, the crypto analyst known as The Cryptomist expressed an opinion comparable to Martinez’s, predicting that the crypto token might reach approximately $2,840 in the near future. She finds Ethereum favorable at its current price point because it lies within a demand zone with the potential for an ascending triangle formation. If Ethereum breaks free from this pattern, she plans to take a long position, aiming for a price target of around $2,840.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

According to her recent findings, The Cryptomist announced that the anticipated surge in price has indeed taken place. The projected target of $2,840 for Ethereum remains unchanged. A possible increase beyond $2,800 for Ethereum is noteworthy as it might help the crypto token regain the vital support point at $3,000.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

A cryptocurrency expert, known as Crypto, stated that Ethereum’s price had rebounded from its weekly support level. In order for Ethereum to regain its previous range, it must close above $3,000 this week. If Ethereum succeeds in closing above $3,000 this week, the coming week could be significant for Ethereum, which is the second-largest cryptocurrency by market capitalization.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

Currently, Ethereum is hovering around $2,600, and if it successfully surpasses the resistance at $2,700, this could pave the way for further growth in its upward trajectory. Key indicators such as heightened network activity and whale accumulation hint that Ethereum may soon regain the $3,000 mark before long.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

According to the analysis of cryptocurrency expert Crypto Kaleo, Ethereum’s long-term perspective remains optimistic, and he forecasts that Ether might reach approximately $4,400 by the end of this year.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

Ethereum Accumulation Is On The Rise

According to data from market intelligence platform IntoTheBlock, there’s a significant increase in Ethereum accumulation, particularly among major investors or ‘whales’. Over the past week, the net flow of Ethereum held by large holders has surged more than 191%, suggesting these whales have been purchasing Ether during its recent downturn.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

 

The data gathered from the cryptocurrency analysis platform Cryptoquant reveals additional information about significant purchases made by Ethereum holders after recent price drops. More specifically, holders with between 10 and 10,000 ETH as well as those with between 10,000 and 100,000 ETH have collectively purchased approximately 757,000 ETH since August 5.

Ethereum Bullish Pennant Reappears On Lower Timeframe – Here’s The Target

Currently, as I’m typing this, Ethereum is being traded approximately at $2,600. However, its value has decreased by more than 2% within the past 24 hours, based on information from CoinMarketCap.

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2024-08-10 22:12