Analyst Ali Martinez highlighted that a bullish indicator has reappeared on ETH’s chart. Based on this development, the analyst has come up with a price target that could be reached soon.
Bull flag forming on ETH chart
Martinez revealed a bullish pennant on ETH’s lower time frames (LTF). He claimed that this indicates a potential upside of over 4% to $2,820. ETH has so far recovered impressively since dropping to as low as $2,200 on August 5, and this bullish indicator confirms that the uptrend is likely to resume soon.
Source: Ali Martinez
Analyst The Cryptomist also shared a similar view as Martinez, suggesting that ETH could soon rise to $2,840. She mentioned that ETH “looks good” around the current price as it is in a potential ascending triangle demand zone. She plans to open a long position if ETH breaks out, with a price target of around $2,840.
Source: The Cryptomist
In her analysis update, The Cryptomist revealed that the breakout she expected has occurred and the $2,840 price target remains intact. A potential rise above $2,800 for the top altcoin by market cap is crucial as it could pave the way to reclaiming the $3,000 support level.
Source: The Cryptomist
Crypto analyst reveals ETH price has bounced from support on the weekly chart and now needs to close back above $3,000 to get back into the range. If ETH manages to close above $3,000 this week, next week will be a “huge” week.
Source: Crypto
For now, ETH holds $2,600 and breaking the $2,700 resistance level will be crucial for the uptrend to continue. Fundamentals, such as increased network activity and whale accumulation, suggest that ETH will soon reclaim the $3,000 level.
As Crypto analyst Kaleo has confirmed, ETH’s outlook in higher time frames remains bullish. The analyst predicts that the price could rise to nearly $4,400 by the end of the year.
Source: Crypto Kaleo
ETH Accumulation is on the Rise
Data from market intelligence platform IntoTheBlock shows that ETH accumulation is increasing, especially among large holders. Net inflows from large holders have surged more than 191% over the past seven days, suggesting that whales have been buying the dip.
Source: IntoTheBlock
Data from on-chain analytics platform Cryptoquant provides further insight into how much these holders have been buying following the recent lows. Specifically, addresses holding between 10 and 10,000 ETH and addresses holding between 10,000 and 100,000 ETH have purchased over 757,000 ETH since August 5.
Source: Cryptoquant
At the time of writing, ETH is trading at around $2,628, up slightly by 0.7% over the past 24 hours.
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