Is Ethereum's breakout imminent? Price target aimed at $12,000!
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Ethereum's price may be set for a stunning reversal! Crypto analyst Tony Severino has identified a head and shoulders pattern in the long-term chart, a classic bullish signal that raises expectations for ETH to break its historical peak, targeting $12,000!
Technical Analysis: Head and Shoulders Pattern Indicates Upside Potential
Severino points out that Ethereum's head and shoulders pattern has gradually formed:
The left shoulder appeared in 2021;
The head was at the lowest point of the price drop at the end of 2022;
The right shoulder has recently completed, and the price has tested the key neck line resistance level of $3,400.
Based on the ratio from the head to the neck line, the ETH price is expected to surge between $10,000 and $12,000 after breaking through this pattern. Additionally, the upward-sloping channel further reinforces this bullish expectation.
Whales are aggressively buying ETH, strong long-term investment signal
The movements of market giants are also enhancing the future trend of Ethereum. According to on-chain data, since 2017, the balance of ETH accumulation addresses has been continuously increasing. In recent months, whales have been aggressively accumulating, with a surge in capital inflow, while the minimal outflow from related wallets indicates that large investors are betting on Ethereum's long-term rise.
Current Price Performance: Is a breakout imminent?
As of now, Ethereum's price is $3,493, up 2.3% in the last 24 hours. Although the recent pullback has exceeded 8%, both the technical pattern and on-chain data reveal signals that ETH is ready to explode.
Will the target price of $12,000 become a reality? The market is watching closely!
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