Ethereum Mega Whales Increase Holdings Amid Bull Pennant, Suggesting Possible Breakout Toward $3,400
2025-07-08 15:26:48
Main Idea
Ethereum's consolidation within a bull pennant and increased accumulation by mega whales suggest a potential breakout toward $3,400, supported by strong market dynamics and historical patterns.
Key Points
1. Ethereum mega whales have increased their holdings by 9.31% since October 2024, recovering from a record low to over 41 million ETH.
2. Historical data shows similar whale behavior preceding major price surges, such as ETH's rise from $460 to $1,220.
3. A bull pennant formation suggests a potential 30% upside for ETH, with a breakout target of $3,400 by August.
4. Strong support is noted around the $2,500-$2,536 range, where over 3.45 million ETH are held by long-term holders.
5. The accumulation pace nearly doubles the rate observed before the 2022 rally, indicating heightened institutional confidence.
Description
Ethereum is poised for a significant breakout as it consolidates within a classic bull pennant pattern, signaling potential gains toward $3,400. Notably, Ethereum mega whales have increased their holdings by
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