A bullish pattern has been seen in Ethereum, eyeing a 12% price jump
The overall market has seen significant declines in prices across all major cryptocurrencies in recent days, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). Amidst this market decline, Ethereum (ETH), the world's second-largest cryptocurrency, has seen significant price action on the 4-hour time frame.
Ethereum ascending triangle pattern
Over the past week, ETH has been consolidating in a tight range between $2,340 and $2,700. During this period, ETH formed an ascending triangle pattern at the crucial support level.
ETH price prediction
Following the formation of this bullish price action pattern, the experts suggest a bullish outlook for ETH. But it is trading below the 200 exponential moving average (EMA) on both the 4-hour and daily time frames, which indicates a winning trend.
If ETH gives a bullish ascending triangle pattern in the 4-hour time frame and closes the candle above the $2,751 level, there is a high possibility of a 12% rally to reach $3,100 in the coming days. This level is near the 200 EMA, which serves as a strong resistance for ETH.
However, the current bearish market sentiment makes it challenging for ETH to break the resistance level of the upward triangle pattern. Additionally, market sentiment and continued consolidation investors and institutions continue to accumulate tokens at low levels.
66% of ETH holders are profitable.
Apart from this technical analysis, the on-chain analysis firm IntoTheBlock recently made a post on X (formerly Twitter) that currently about 66% of ETH holders are profitable. This post on X (formerly Twitter) garnered a lot of attention from the crypto community. Furthermore, the last time such profitability was seen was in October 2023, when ETH was trading at the $1,800 level.
At press time, ETH is trading near the $2,630 level and has been stable for the past 24 hours. During the same period, it also reached the $2,700 level. This stability coupled with a bullish price action pattern has led to a massive 95% increase in trading volume.
