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The Ethereum price is showing signs of a breakout, as an analyst has identified the <\/span>formation of an inverse head and shoulder<\/span><\/a> pattern on its 6-month long-term price chart. This bullish formation has fueled predictions that Ethereum could rally to $12,000 soon, marking a <\/span>new all-time high<\/span><\/a> for the second-largest cryptocurrency by market capitalization.\u00a0<\/span><\/p>\n
In a Tuesday X (formerly Twitter) post, crypto analyst Tony Severino <\/span>released<\/span><\/a> an Ethereum price chart illustrating an inverse head and shoulder, a technical analysis indicator signaling a <\/span>potential trend reversal<\/span><\/a>. This distinctive chart pattern has four key components: a left shoulder, head, right shoulder, and neckline.\u00a0<\/span><\/p>\n
Typically, when the pattern is completely formed, and a cryptocurrency breaks through the neckline, it indicates a potential <\/span>shift from a downtrend to an uptrend<\/span><\/a>. In Ethereum\u2019s case, its price has been on a significant downward trajectory, declining by over 8% in the past week.\u00a0<\/span><\/p>\n
Despite dropping from a <\/span>price high of over $4,000<\/span><\/a> to below $3,500 recently, Severino remains optimistic about Ethereum\u2019s potential for a trend reversal, predicting a <\/span>bullish price target<\/span><\/a> of $12,000 for the top altcoin.\u00a0<\/span><\/p>\n
Examining the analyst\u2019s price chart, the left shoulder of the inverse head and shoulder was formed in 2021, while the head emerged during <\/span>Ethereum\u2019s price crash<\/span><\/a> at the end of 2022, marking the lowest point in the pattern.\u00a0<\/span><\/p>\n
Additionally, the right shoulder of the inverse head and shoulder pattern is complete, with Ethereum recently testing the neckline \u2014 a key resistance level by a horizontal trendline. At the time, <\/span>Ethereum broke above $3,400<\/span><\/a>, confirming the bullish trend reversal often associated with this chart pattern.<\/span><\/p>\n
While <\/span>the Ethereum price<\/span><\/a> is trading at $3,493 after surging by 2.3% in the past 24 hours, an analyst known as \u2018Mister Crypto\u2019 <\/span>revealed<\/span><\/a> that whales have been on a major buying spree.\u00a0<\/span><\/p>\n
The analyst shared a chart illustrating Ethereum\u2019s balance on accumulation addresses. He disclosed that Ethereum whales are <\/span>purchasing ETH tokens exponentially<\/span><\/a>, steadily increasing their holdings since 2017. The sharp rise in accumulation suggests that investors are potentially positioning themselves ahead of a bullish price action.\u00a0<\/span><\/p>\n
The red arrow in the analyst\u2019s chart also shows a major spike in the ETH balance on accumulation addresses in recent months. Most wallets associated with this surging accumulation have seen minor outflows, signaling long-term holding behavior by investors.<\/span><\/p>\n
Featured image created with Dall.E, chart from Tradingview.com<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"
Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. The Ethereum price is showing signs of a breakout, as an analyst has identified the formation of an inverse head and shoulder pattern on its 6-month long-term price chart. This bullish formation has fueled predictions that Ethereum could rally to $12,000 soon, marking a new all-time high for […]<\/p>\n","protected":false},"author":1,"featured_media":33167,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[335],"tags":[626,337,15704,1596,11503,700,11777,11668],"class_list":["post-33166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-eth","tag-ethereum","tag-inverse","tag-pattern","tag-prediction","tag-price","tag-shoulders","tag-touch"],"_links":{"self":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/posts\/33166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/comments?post=33166"}],"version-history":[{"count":0,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/posts\/33166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/media\/33167"}],"wp:attachment":[{"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/media?parent=33166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/categories?post=33166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lsd.hu\/wp-json\/wp\/v2\/tags?post=33166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}