Can Ethereum Crack $4,000? On-Chain Activity and Price Pattern Suggest So 💥💥
Amid whale accumulation, the rising Ethereum price is poised to challenge the chart pattern leading the current correction trendline, Enter this breakout?
Since the completion of the fourth Bitcoin halving on April 19th, the Ethereum Price has maintained a steady recovery evidenced by the new higher low formation in daily charts.
While the broader market is still limited by the growth in Ether, the coin price managed to rebound from $2870 to $3335 recording a 17% growth. An analysis of the daily chart shows the ETH price is close to a pivotal point amid the development of a falling wedge pattern.
Ethereum Price to Regain Momentum If Buyers Break This Resistance 👀
The short-term outlook for #Ethereum suggests a bearish trend, as evidenced by the price movement within the descending trendline of a falling wedge pattern. However, the chart setup is known for recruiting bullish momentum and resuming the prevailing rallies.
According to on-chain data analyzed by Lookonchain, prominent investor James Fickel has been actively accumulating Ethereum (ETH) while maintaining a long position on the ETH/BTC trading pair. 🚀
Source: Coinpage
