Ethereum’s $4,400 Breakout Target Finds One Critical On-Chain Support
Ethereum is forming an inverse head-and-shoulders pattern, supported by a 95% collapse in long-term holder selling, targeting a $4,400 breakout.Summary
Ethereum's price has been relatively flat, but technical analysis and on-chain data suggest a significant move is imminent. On the daily chart, ETH is forming a clear inverse head-and-shoulders reversal pattern, with a flat neckline near $3,400. A decisive close above this level projects a measured move target of approximately $4,400.
This technical setup is strengthened by on-chain metrics showing a dramatic reduction in selling pressure from long-term holders, whose selling dropped by over 95% between late November and late December. This drying up of supply supports the potential for an upside breakout.
Key resistance lies at the cost basis cluster between $3,150 and $3,173, where nearly 3 million ETH were accumulated. Clearing this zone is crucial to reach the $3,400 neckline. If the $3,400 level is breached, the path to $4,400 opens, though the bullish structure would be invalidated if the price drops below $2,620.
(Source：BeInCrypto)