The Ethereum price has just broken out of a key symmetric triangle pattern, signaling a potential rise to new levels over $3,000. The recent breakout is seen as a bullish indicator for the top altcoin by analysts who have closely watched Ethereum’s price action in recent months.
Ethereum Price Breaks Out of Key Triangle Pattern
A popular crypto analyst identified as “TheMoonCarl” on X (formerly Twitter) released that Ethereum price has finally broken out of its symmetrical triangle pattern. Sharing a graphic illustration of the distinctive technical pattern, the analyst revealed to his 1.3 million followers that the symmetrical triangle pattern it began forming in August 2024, extending through September and October to potentially reach a peak around December.
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However, before Ethereum could reach this designated endpoint, its price broke the upper trendline of the triangle, indicating a potential bullish breakout to new highs. A symmetric triangle is a key technical pattern that often indicates a consolidation period followed by a breakout down or up.
In the case of Ethereum, its price has shown a strong consolidation trend, failing to experience similar prices surges seen in Bitcoin and other altcoins. With the triangle pattern now broken, TheMoonCarl is establishing new bullish price targets around $3,400 for Ethereum.
At the time of the symmetric triangle breakout, Ethereum was trading at around $2,707. However, at the time of writing, the cryptocurrency decreased by 3.15%, bringing its current price to $2,629, according to CoinMarketCap. Although the analyst is highly optimistic about his Ethereum price projection of $3,400, the cryptocurrency will still have to see a 29.91% increase to achieve this feat.
The whales are on the move
Among analysts optimistic predictions for Ethereum and its recent breakout from a fundamental symmetrical triangle pattern, reports have revealed that large-scale investors, commonly referred to as “whales”, are now back in action.
Whale Alert, a blockchain tracking and analysis system revealed a series of substantial information whale transactions involving the Ethereum token. In the last 24 hours, an Ethereum whale has had moved A whopping 12,590 ETH tokens, worth approximately $33.8 million, from an unknown wallet to Coinbase.
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Furthermore, in the last few hours, another Ethereum whale has had transferred 8,452 ETH tokens valued at $22.4 million from an unknown wallet to Binance. Typically, when whales transfer coins from their private wallets to a centralized exchange, this often indicates that they may be selling their tokens.
Although a total liquidation may cast a shadow over Ethereum’s Already Slow Price DynamicsIt appears that whales are not only transferring ETH to exchanges but also potentially accumulating tokens. Whale Alert reported that an anonymous whale recently moved 8,811 ETH from Binance to an unknown wallet.
These multiple transactions create uncertainty about whether whales are selling more than they are buying. However, with Ethereum’s recent breakout from its symmetric triangle pattern, bullish momentum could push prices higher, potentially encouraging more buying activity.
Featured image created with Dall.E, chart from Tradingview.com