During Friday’s trading session, the Ethereum price witnessed a 1.76% uptick as stronger-than-expected U.S. non-farm payroll data bolstered market reversal. However, the crypto investors view this relief rally as temporary as a prevailing correction could push ETH to $2,800. Can buyers counter this?
Key Highlights:
- A rising channel pattern drives a steady uptrend in Ethereum price.
- The coin price is 14% away from a major support test at the channel pattern support.
- Fidelity has reportedly transferred 64,997 ETH, valued at $213 million, to Coinbase through Cumberland, raising speculation of a potential sell-off.
Large-Scale Ethereum Transfer by Fidelity Spurs Bearish Sentiment
According to Lookonchain, Fidelity, a leading financial services firm, has transferred 64,997 ETH, valued at approximately $213 million, to Coinbase via Cumberland within the past 34 hours of reporting.
Such large-scale Ethereum transfers to centralized exchanges often raise speculation about potential liquidations or strategic trading moves. Typically, the selling pressure from large entities bolsters a bearish sentiment among investors and promotes a further correction trend.
Currently, the ETH price trades at $3,278 and holds a market cap of $393.1 Billion. Consecutively, the asset’s 24-hour trading volume is at $26.9 Billion.
Ethereum Price Eyes $6K as Ascending Channel Guides Bullish Trend
In a recent tweet, crypto analyst Ali Martinez highlights the formation of an ascending parallel channel in ETH’s daily chart. Theoretically, the pattern displays two rising trendlines acting as dynamic support and resistance, guiding the ongoing bullish trend.
Amid the recent market downtick, the Ethereum price plunged from $3,744 to $3,268, registering a loss of 12.7%. If the channel pattern holds true, the altcoin could plunge another 14.5% to retest the lower trendline at $2,800.
Historically, each retest to the pattern bottom trendline has renewed the exhausted bullish momentum and triggered a sharp price recovery. Analysts predict the next leap could push the ETH price to the $6,000 mark.
ALso Read: FTX Bankruptcy Update: Creditors To Receive Funds From Kraken
