During Friday’s U.S. market session, ETH maintained its bullish momentum as the broader cryptocurrency market surged, fueled by the excitement surrounding Donald Trump’s upcoming presidential inauguration. The Ethereum price recovery, backed by a steady accumulation from whales, signals the completion of the key reversal pattern for a major breakout.
According to CoinGecko, the Ether’s market cap stands at $413,2 Billion with a 24-hour trading volume of $25.7 Billion.
Key Highlights:
- Crypto analyst predicts Ethereum price to prolong current consolidation amid the formation of an inverted head and shoulder pattern.
- An active accumulation trend from crypto whales projects a promising growth potential for ETH.
- The $3,000 level stands as a key support zone for crypto buyers.
Ethereum Whales Strengthen Market Control With 43% Supply Ownership
Ethereum whales continue to strengthen their grip on the market, with their holdings surging to 43% of the total Ethereum supply, according to data from IntoTheBlock. This marks a significant rise compared to early 2023, when whale ownership stood at just 22%, showcasing an extraordinary accumulation trend over the past year.
The sharp increase in whale holdings is likely tied to the opportunities presented by the Ethereum Merge, which transitioned the network to a proof-of-stake consensus mechanism.
In a recent tweet, crypto analyst Ali Martinez highlighted whale accumulation of over 330,000 ETH in the past week, valued at more than $1 Billion. Despite the current consolation, the steady accumulation by whales indicates their confidence in Ethereum’s future growth and drives bullish sentiment in the market.
Ethereum Price Eyes $6K as Ascending Channel Guides Bullish Trend
Martinez’s analysis shows the formation of an inverted head and shoulder pattern in ETH’s daily chart. Theoretically, the pattern displays three troughs, where the middle one extends deeper than the other two of nearly the same drop.
The analyst says that the Ethereum price consolidated around $2,800 for 37 days in mid-April 2024, creating the left shoulder of the pattern. Currently, ETH is in a similar phase, consolidation around $3,000, which could lead to the formation of the right shoulder.
Historically, the pattern has been a precursor to a significant change in trend and price rally. Currently trading at $3,432, the ETH price is 19% short from a bullish breakout of $4,100 neckline resistance.
If the pattern holds true, the potential breakout will accelerate the bullish momentum for a rally past $6,000.
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