Analysts Call Ethereum Will Bullish, Really?

Ethereum successfully broke the symmetric triangular pattern, the price experienced a sharp spike (Photo; Doc. Bitcoinist)

JAKARTA - In recent days, the price of Ethereum has experienced a sharp spike after leaving its symmetric triangular pattern, a technical indicator often used as a reference by analysts. Many now predict that this could be the start of the journey to the level of 3,400 US Dollars (Rp53 million), a very optimistic target for the second largest altcoin after Bitcoin.

Reporting from News Btc, in an analysis shared by "TheMoonCarl" on platform X (formerly Twitter), the price of Ethereum has finally managed to penetrate the symmetric triangular pattern that has been formed since August 2024. According to TheMoonCarl, this pattern is a consolidated phase which is expected to end in December 2024. However, before reaching its peak, the price of Ethereum has already penetrated the upper trend line of the triangle, a strong bullish signal.

The symmetric triangular pattern is often a sign of price movement that will soon rise or fall after the consolidation period. In the Ethereum case, although the price of this altcoin was held back in a consolidation trend without experiencing a significant spike like Bitcoin, the pattern is now being resolved. At that time, Ethereum was trading at the level of 2,707 US Dollars (Rp42.2 million), with a new target of around 3,400 US Dollars (Rp53 million) projected by analysts.

Amid this bullish prediction, the activities of large investors, or known as "taxes," are again showing significant movement. Whale Alert, a blockchain tracking system, reported several major transactions involving Ethereum. In the last 24 hours, one of the Ethereum whales moved 12,590 ETH worth about 33.8 million US Dollars (Rp527 billion) from an anonymous wallet to Coinbase. Hours later, another whale moved 8,452 ETH worth 22.4 million US Dollars (Rp349 billion) to Binance.

Generally, when whales move their tokens from private wallets to centralized exchanges such as Coinbase or Binance, this is often defined as a sign they are preparing to sell. However, there are also whales who move 8,811 ETHs from Binance to anonymous wallets, suggesting it is possible that they are actually accumulating more Ethereum.

Although some analysts are optimistic with a target price of 3,400 US Dollars (Rp53 million), currently Ethereum is still trading around the level of 2,629 US Dollars (Rp41 million), it has decreased by 3.15% after reaching the peak of the triangular pattern. To achieve the target of 3,400 US Dollars (Rp53.55 million), Ethereum must rise by 29.91% from the current price.