Crypto analyst Ali Martinez highlighted a bullish indicator that has reappeared on Ethereum’s chart. Based on this development, the analyst provided a price target that the crypto token could reach soon enough.
Bull Pennant Forms On Ethereum’s Chart
Martinez revealed that a bull pennant on Ethereum’s lower time frames (LTF). He claimed that this indicates a potential rise of over 4% towards $2,820 for ETH. ETH’s price has so far recovered impressively since dropping to as low as $2,200 on August 5, and this bullish indicator confirms that this upward trend is likely to continue soon enough.
Crypto analyst The Cryptomist also shared a sentiment similar to Martinez’s, suggesting that the crypto token could rise to $2,840 soon. The analyst mentioned that Ethereum “looks good” around its current price level as it is in a demand zone with a possible ascending triangle. She further revealed that she would open a long position if ETH broke out, with her price target around $2,840.
In an update on her analysis, The Cryptomist revealed that the breakout she was expecting had occurred and that the price target of $2,840 remains the same. A potential rise above $2,800 for Ethereum is significant as it could pave the way for the crypto token to reclaim the crucial support level at $3,000.
Crypto analyst Crypto revealed that Ethereum’s price had bounced from support on the weekly chart and now needs to close back above $3,000 to get back in the range. He added that if ETH manages to close above $3,000 this week, next week will be huge for the second-largest crypto token by market cap.
For now, Ethereum holding $2,600 and eventually breaking the resistance level at $2,700 will be critical for continuing its upward trend. Fundamentals, like increased network activity and whale accumulation, suggest that ETH will reclaim the $3,000 level sooner rather than later.
As crypto analyst Crypto Kaleo confirmed, Ethereum’s outlook on the higher time frames is still bullish, with the analyst predicting that ETH could rise to almost $4,400 later this year.
Ethereum Accumulation Is On The Rise
Data from the market intelligence platform IntoTheBlock shows that Ethereum’s accumulation is rising, especially among large holders. The large holders’ netflow has spiked by over 191% in the last seven days, indicating these whales have been buying the ETH dip.
Data from the on-chain analytics platform Cryptoquant provides further insights into how much these holders have bought following Ethereum’s recent lows. Specifically, addresses holding between 10 and 10,000 ETH and addresses holding between 10,000 and 100,000 ETH have bought over 757,000 ETH since August 5.
At the time of writing, Ethereum is trading at around $2,600, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView