Ethereum Bull Pennant Suggests Potential Move Toward $5,000 Amid Rising Whale Accumulation and Transaction Activity
Main Idea
Ethereum is forming a bull pennant pattern, suggesting a potential breakout to $5,000, driven by significant whale accumulation and increased on-chain activity.
Key Points
1. Ethereum's price surged from $2,000 to $3,600, forming the pole of a bull pennant pattern with a potential breakout target of $5,000.
2. Whale wallets accumulated over 856,000 ETH (worth $3.16 billion) since July, indicating strong bullish sentiment.
3. On-chain transaction activity has surged, supporting the potential for a price breakout.
4. Three new wallets acquired 63,837 ETH (worth $236 million) in a single day, further reinforcing bullish momentum.
5. Ethereum's current price is $3,804.74, with a 4.96% increase in the last 24 hours.
Description
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