Ethereum Bullish Pennant Resurfaces on Shorter Time Frame: Price Target Revealed
Crypto analysts are predicting a positive trajectory for Ethereum, with indicators pointing towards a potential surge in its price. Analyst Ali Martinez highlighted a bullish indicator on Ethereum’s chart, specifically noting the formation of a bull pennant on the lower time frames. This pattern suggests a potential increase of over 4% for Ethereum, with a projected target price of $2,820. The recent recovery of ETH from a low of $2,200 on August 5 further supports the likelihood of this upward trend continuing.
Similarly, crypto analyst The Cryptomist shared a similar sentiment, indicating that Ethereum could soon rise to $2,840. The analyst emphasized the favorable conditions around Ethereum’s current price level, highlighting its positioning within a demand zone and a possible ascending triangle pattern. The Cryptomist expressed readiness to open a long position if ETH breaks out, with a target price set at $2,840.
Recent updates from The Cryptomist confirmed the expected breakout had occurred, maintaining the price target of $2,840. A potential climb above $2,800 for Ethereum holds significance as it could pave the way for the crypto token to reclaim the crucial support level at $3,000.
Crypto analyst Crypto also weighed in, noting Ethereum’s bounce from support on the weekly chart and the importance of closing above $3,000 to re-enter the range. A successful close above $3,000 this week could set the stage for a significant week ahead for Ethereum, the second-largest crypto token by market capitalization.
To sustain its upward momentum, Ethereum needs to hold above $2,600 and eventually breach the resistance level at $2,700. Positive fundamentals, such as increased network activity and whale accumulation, indicate a potential return to the $3,000 level in the near future.
Data from market intelligence platform IntoTheBlock reveals a rise in Ethereum accumulation, particularly among large holders. The netflow of large holders surged by over 191% in the last seven days, signifying increased buying activity among these whales during the recent dip in Ethereum’s price.
Further insights from on-chain analytics platform Cryptoquant show that addresses holding varying amounts of ETH have collectively purchased over 757,000 ETH since August 5, following Ethereum’s recent lows.
At the time of reporting, Ethereum is trading around $2,600, reflecting a slight decline of over 2% in the last 24 hours, according to data from CoinMarketCap. Positive sentiment and technical indicators suggest a bullish outlook for Ethereum, with analysts projecting potential price targets ranging from $2,820 to almost $4,400 later this year.
