The consolidation trend in the crypto market prolongs in the final week of February as the top asset, Bitcoin faces overhead supply. While the market uncertainty limits recovery potential in the altcoin market, the Ethereum price witnesses renewed interest from whales, bolstering a bullish breakout from the triangle pattern.
Key Highlights:
- An ascending triangle pattern drives the current consolidation trend in Ethereum price.
- The $2,850 horizontal level and downsloping trendline of the daily chart stand as key resistance levels against ETH buyers.
- According to Ali Martinez, Ethereum whales have collectively accumulated 140,000 ETH in the last 24 hours.
500-Day Dormant Whale Awakens, Withdraws 4,700 ETH
According to lookonchain data, a whale wallet that had been dormant for approximately 500 days has suddenly become active, making a significant withdrawal of 4,700 ETH, valued at around $12.98 million, from multiple exchanges.
The funds were withdrawn from prominent centralized exchanges, including Coinbase and Binance.
Another tweet from crypto analyst Ali Martinez highlighted that the Ethereum whales have collectively accumulated another 140,000 ETH within the past 24 hours.
The move suggests growing confidence among large holders, potentially signaling a bullish outlook for ETH in the near term.
Ethereum Price Hints Major Breakout from Triangle Pattern
In the last three weeks, the Ethereum price has witnessed a low-volatility sideways action wavering around the $2,700 level. The consolidation trend displays neutral candle formations with rejection wicks on either side, indicating no clearing dominance from buyers or sellers.
However, an analysis of the 4-hour chart shows this lateral trend resonated within a horizontal resistance of $2,850 and a support trendline, indicating an ascending triangle pattern. This chart pattern is commonly spotted during an established uptrend as it provides a temporary half for buyers to regain momentum.
With an intraday loss of 2.5%, altcoin retested the bottom support trendline, preparing its next leap for $2,850 resistance. A potential breakout from this resistance will accelerate the bullish momentum and signal the bottom formation of the current correction.
With sustained buying, the ETH price could surpass another key resistance trendline near $2,900 and aim for the $4,000 mark.
Also Read: Coinbase and SEC Reach Agreement to Dismiss Lawsuit, Ripple Lawsuit Next?
