Ethereum Price Pattern Hints at 20% Rally Amid Rising Leverage Risk

Ethereum's price is near $2,260, exhibiting a bullish inverse head-and-shoulders pattern on the 12-hour chart, which targets a potential 20% rally if the neckline resistance is decisively broken. Supporting this bullish outlook is the Net Unrealized Profit/Loss (NUPL) metric turning positive, indicating a shift from capitulation to early hope, coupled with a massive increase in accumulation by long-term holders (over 5,400% increase in net accumulation since late February). This suggests strong conviction among long-term investors. However, risks persist due to rising leverage in the derivatives market, evidenced by a 25% increase in Open Interest and a positive funding rate, which could lead to a long squeeze. Furthermore, whale wallets have increased their holdings by approximately 8.01 million ETH. Key resistance levels to watch are $2,320 and $2,570 for confirmation of the breakout, while support lies near $2,160 and $2,070.

(Source：BeInCrypto)