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Ethereum Price Breaks Out of Key Triangle Pattern
A popular crypto analyst, TheMoonCarl on X (formerly Twitter), has disclosed that the Ethereum price has finally broken out from its symmetrical triangle pattern. The analyst revealed that the symmetrical triangle pattern began forming in August 2024, extending through September and October, and potentially reaching a peak around December.
The symmetrical triangle pattern is a key technical pattern that often indicates a period of consolidation followed by a breakout to the downside or upside. Ethereum’s price has been on a major consolidation trend, failing to experience similar price surges seen in Bitcoin and other altcoins. With the now broken triangle pattern, TheMoonCarl is setting new bullish price targets at around $3,400 for Ethereum.
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However, before Ethereum could reach this designated endpoint, its price broke through the upper trendline of the triangle, indicating a potential bullish breakout to new highs. The recent breakout is seen as a bullish indicator for the top altcoin by analysts who have closely watched the Ethereum price action for the past few months.
Action & Reaction
Concurrently, reports have revealed that large-scale investors, typically referred to as “Whales,” are now back in action. Whale Alert, a blockchain tracker and analytics system, has reported a series of substantial whale transactions involving the Ethereum token.
In the last 24 hours, an Ethereum whale had moved 12,590 ETH tokens, worth approximately $33.8 million from an unknown wallet to Coinbase. Additionally, another Ethereum whale had transferred 8,452 ETH tokens, valued at $22.4 million from an unknown wallet to Binance.
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Typically, when whales move coins from their private wallets to a centralized exchange, it often indicates that they may be selling off their tokens. However, it appears that whales are not only moving ETH to exchanges but also potentially accumulating tokens. Whale Alert has reported that an anonymous whale recently moved 8,811 ETH from Binance to an unknown wallet.
Conclusion
FAQs
- What is a symmetrical triangle pattern?
A symmetrical triangle pattern is a technical pattern that often indicates a period of consolidation followed by a breakout to the downside or upside. - How did the Ethereum price break out of its symmetrical triangle pattern?
The Ethereum price broke through the upper trendline of the triangle, indicating a potential bullish breakout to new highs. - What does the recent breakout mean for the Ethereum price?
The recent breakout is seen as a bullish indicator for the top altcoin, potentially indicating a surge to new levels above $3,000. - Are whales selling or buying Ethereum?
Reports indicate that whales are not only moving ETH to exchanges but also potentially accumulating tokens, creating uncertainty about their intentions.
