Ethereum analysts see ‘upward breakout’ as ETH price returns to $3K
Ethereum analysts suggest ETH is poised for an upward breakout following its return above the $3,000 level, supported by whale accumulation and network growth.Summary
Ether's price rebounded past $3,000, prompting analysts to suggest an impending upward breakout, potentially towards all-time highs, contingent on breaking the $4,000 barrier. This optimism is fueled by significant accumulation by large whale wallets over the last six months, contrasting with selling by retail investors, which suggests redistribution rather than speculative inflows. Furthermore, network activity is robust, with active addresses and transaction counts increasing, and the supply of ETH on centralized exchanges has dropped to a nine-year low, signaling a potential supply shock. Analysts note that if ETH overcomes resistance around $3,100-$3,200, targets like $3,650-$3,700, and eventually $4,000, become likely, with some projections even reaching $7,000 based on current chart patterns.
(Source：Cointelegraph)