- Ethereum consolidates within a symmetrical triangle, suggesting potential for a breakout.
- Whale activity increased, with 15,953 ETH moved to Aave, signaling positive market sentiment.
Ethereum, the second digital asset by market cap is showing signs of consolidation within a symmetrical triangle pattern. As the pattern develops, a 17% uptick has been cast with the current market performance hinting early build up of the surge. ETH trades at a price value of $1,679.41, noting a 3.84% surge in the last 24 hours. The market cap stands at $202.68 billion and a 24-hour trading volume of $16.56 billion, marking a 27.92% rise in volume
Price Action Analysis and Breakout Levels to Watch
Currently, Ethereum is in the phase of accelerating within the symmetrical triangle which can be estimated with converging trendlines. This makes the bullish formation more likely as the price range continues accommodating more consolidation. Analysts are paying attention to the support and resistance levels that will define the direction of the move.
A deeper analysis prepared by Ali Charts indicates that, ETHs price has been fluctuating between $1,580 and $1,640, with key levels at $1,600 and $1,620. The price trend is moving within a narrowing range, indicating a potential for a breakout or breakdown.
Fibonacci retracement levels are plotted, with the 0.618 level around $1,600 acting as support.
If Ethereum breaks above the upper boundary of the triangle, a move upward could follow, leading to substantial gains. Conversely, a drop below the lower boundary would signal a potential downturn in price.
Whale Accumulation On Spree: Will This Activate More Uptrend?
As Ethereum eyes the 17% surge, there is a renewed market activity. According to a Lookonchain post on X, a mysterious whale has moved 15,953 ETH worth $26.16 million from the crypto exchange OKX into the decentralized finance protocol Aave.
At the same time, it was notable that the same six wallets that made the transaction later acquired $15.4 million in USDT against that ETH collateral and sent it back to OKX exchange.
According to CoinMarketCap, Ethereum is currently priced at $1,679.41, reflecting a 3.84% increase in the last 24 hours. The cryptocurrency’s market cap stands at $202.68 billion, with a 24-hour trading volume of $16.56 billion, marking a 27.92% rise in volume. The circulating supply of Ethereum is 120.69 million ETH, matching the total supply.
The price chart shows a rising trend as the gains extended. Ethereum dips and surges indicate an ongoing market action as the current trend supports a positive view aided by the volume and price rise.
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