rewrite this content using a minimum of 1000 words and keep HTML tags
Trading in the mid-$2,000 range, Ethereum (ETH) has repeatedly teased a move toward $3,000, only to fall short and retreat back into its current range. However, several crypto analysts remain confident that ETH’s ascent to $3,000 and beyond is only a matter of time.
Ethereum Showing Signs Of Renewed Strength
In a recent X post, crypto analyst Titan of Crypto highlighted ETH’s bullish price action. The analyst shared the following daily ETH chart, showing the cryptocurrency breaking out of a bullish flag following a period of consolidation – potentially setting its sights on a target of $3,800.
Fellow crypto analyst Master of Crypto shared Titan’s outlook, saying that ETH is “holding up really well right now.” In a separate X post, the analyst added:
It looks like a breakout is coming, and $3K is just around the corner. The fact that it’s outperforming #BTC this quarter is a strong sign that altcoin season is warming up.
Meanwhile, crypto trader Jelle urged patience. Sharing the following chart of ETH’s recent price movement, he emphasized that ETH is behaving as expected as it continues to challenge a key resistance level. According to Jelle, the “real fun” will begin once ETH hits $3,000.
Notably, ETH continues to attract strong institutional interest. Exchange-traded fund (ETF) inflows for Ethereum topped $91 million yesterday, with BlackRock alone accounting for $50.4 million of that total – a clear sign of sustained confidence in the digital asset.
Seasoned analyst Ali Martinez also highlighted significant whale accumulation. According to Martinez, wallets holding between 100,000 and 1,000,000 ETH acquired over 1 million ETH in the last 48 hours – a strong signal of long-term bullish sentiment.
Large ETH ETF inflows and whale purchases signal rising institutional confidence and aggressive accumulation – trends that often precede bullish price action. By reducing the available supply on the market, these moves can help fuel upward momentum and price appreciation.
Technical Patterns Signal Bullish Continuation
From a technical standpoint, Ethereum is showing encouraging signs. Crypto trader Merlijn The Trader pointed out that ETH appears to be closely following the Wyckoff Accumulation pattern.
In this pattern, the spring phase involves a false breakdown below support to shake out weak hands, followed by a test to confirm waning selling pressure. This sets the stage for the jump – a strong rally above resistance with significant volume, marking the start of a new uptrend.
According to Merlijn, ETH has already completed the spring and test phases and is now poised to enter the jump phase – potentially setting the stage for a move toward a new all-time high (ATH).
That said, all eyes are on the FTX creditor payouts expected later today. Experts warn that the massive $5 billion distribution could temporarily dampen ETH’s bullish momentum by increasing short-term selling pressure. At press time, ETH trades at $2,603, down 2.4% in the past 24 hours.
Featured Image from Unsplash.com, charts from X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
