According to U.Today, Ethereum (ETH) is currently forming a pennant pattern, as noted by crypto analyst Ali Martinez. In a recent post on X, Martinez highlighted the formation of this pattern on lower time frames, suggesting a potential rise of over 4% toward $2,820. Martinez identified the most crucial support level for Ethereum between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million ETH. The current target for Ethereum is set at $2,930.
Ethereum has experienced one of the sharpest declines during the recent market correction, losing nearly a third of its value in just a few days. This decline followed a short-term bull run driven by the anticipation of a spot ETF, with the altcoin's price falling from its peak levels near $4,000 in March. Despite this downturn, the past week has seen the crypto market on a recovery path. As Bitcoin's price reached $63,000 on Friday, the overall crypto market cap regained $2.1 trillion.
In the midst of these fluctuations, Ethereum whales have initiated a significant buying spree. On Friday, they collectively purchased almost $56 million worth of Ethereum within 24 hours, indicating a potential strategy of buying the dip during large transactions.
