Ethereum Breaks Symmetrical Triangle, Eyes $3,400 Next?

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The Ethereum value has recently broken out of a significant symmetrical triangle formation, indicating a possible rally to new heights beyond $3,000. This recent breakout is interpreted as a positive signal for the leading altcoin by analysts monitoring the Ethereum price movements in recent months.

Ethereum Price Breaks Out Of Major Triangle Formation

A well-known crypto analyst known as “TheMoonCarl” on X (formerly Twitter) has announced that the Ethereum value has successfully broken free from its symmetrical triangle formation. Sharing a chart illustrating the unique technical pattern, the analyst informed his 1.3 million followers that the symmetrical triangle formation had started to take shape in August 2024, continuing through September and October to possibly peak around December.

Nevertheless, before Ethereum could attain this expected target, its price surged past the upper trendline of the triangle, suggesting a potential bullish breakout to new peaks. A symmetrical triangle is a crucial technical formation that typically denotes a phase of consolidation followed by a breakout either upward or downward.

In the case of Ethereum, its value has been undergoing extensive consolidation, failing to witness similar price jumps observed in Bitcoin and other altcoins. With the triangle pattern now breached, TheMoonCarl is setting new optimistic price targets around $3,400 for Ethereum.

At the moment of the symmetrical triangle breakout, Ethereum was trading at approximately $2,707. However, as of this writing, the cryptocurrency has decreased by 3.15%, with its current price sitting at $2,629, according to CoinMarketCap. Although the analyst maintains an optimistic view on his $3,400 Ethereum price forecast, the cryptocurrency will still need to increase by 29.91% to reach this milestone.

TH Whales Are Active

In light of analysts’ bullish expectations for Ethereum and its latest breakout from a key symmetrical triangle formation, reports indicate that large-scale investors, often termed “Whales,” are re-engaging.

Whale Alert, a blockchain tracking and analytics service, has reported a series of notable whale transactions involving the Ethereum token. Within the last 24 hours, an Ethereum whale has transferred an impressive 12,590 ETH tokens, equivalent to around $33.8 million, from an unknown wallet to Coinbase.

Furthermore, just hours ago, another Ethereum whale had transferred 8,452 ETH tokens valued at $22.4 million from an unknown wallet to Binance. Typically, when whales transfer coins from their private wallets to a centralized exchange, it often suggests they may be planning to sell their tokens.

While a massive sell-off could negatively impact Ethereum’s already sluggish price momentum, it appears that whales are not only transferring ETH to exchanges but may also be accumulating tokens. Whale Alert has noted that an anonymous whale recently moved 8,811 ETH from Binance to an unknown wallet.

These multiple transactions raise uncertainties regarding whether whales are selling more than they are buying. However, given Ethereum’s recent breakout from its symmetrical triangle formation, bullish momentum could drive prices higher, potentially spurring further buying activity.