Ethereum (ETH) has charted a significant technical breakout, escaping a prolonged multi-year symmetrical triangle pattern. This development suggests a potential surge towards a price target of $8,000.
Supporting this bullish outlook, major investors, often termed ‘whales’, have demonstrated strong confidence by accumulating over 1.80 million ETH within the past month. Current market activity reflects this enthusiasm, with ETH trading at $4,194.60 at the latest check. The asset has gained 7.73% over the previous 24 hours and surged 19.25% over the past week.
Adding further validation, daily trading volume stands at $40.76 billion, signaling robust market participation. Analysts emphasize that maintaining a price above the critical $4,000 threshold is essential for sustaining the current upward momentum towards the projected target.