Crypto Trader Says One Factor Could Trigger Massive Breakout for Ethereum – Here’s His Outlook
Cryptocurrency trader and analyst Ali Martinez believes Ethereum (ETH) could have a massive breakout due to one key factor.
Martinez tells his 114,500 followers on the social media platform X that crypto whales are loading up on Ethereum, adding buying pressure that could cause the altcoin to increase more than 100% above its current value.
The analyst says that on-chain data is shows whales made more than $1 billion in total ETH purchases in the past seven days alone.
“Whales have accumulated over 330,000 Ethereum in the past week, valued at more than $1 billion!”
The analyst believes ETH may now be consolidating amid the buying frenzy before a “massive bullish breakout.”
“This buying pressure is building momentum. Ethereum is currently forming the right shoulder of a head and shoulders pattern. While the $2,700 to $2,900 range serves as a buying opportunity, a sustained close above the neckline at $4,000 could result in a bullish breakout to $7,000.”
According to the trader’s chart, Ethereum may be completing on the daily chart a bullish inverse head and shoulders pattern, which traders use in technical analysis to identify a potential trend reversal in a downtrend.
“If you examine the formation of the left shoulder, ETH consolidated around $2,800 for 37 days in mid-April before moving higher. A similar consolidation could occur now while the right shoulder of this head-and-shoulders pattern develops.”
Ethereum is trading at $3,486 at time of writing, up 5.4% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Trader Says One Factor Could Trigger Massive Breakout for Ethereum – Here’s His Outlook appeared first on The Daily Hodl.
