Ethereum

  • Ethereum exits consolidation with bullish structure intact, targeting a potential breakout toward $30,000.

  • Price holds above $3,473 with key resistance at $3,550–$3,825 acting as the next breakout zone.

  • Whale activity and long liquidations clear leverage, setting stage for possible renewed accumulation.

Ethereum appears poised to reach another new high as it exits a prolonged consolidation phase. The current structure mirrors earlier cycles, where breakout patterns led to steep rallies. At the time of writing, Ethereum was trading at $3,473, holding above a key support range and building upward momentum.

Breakout Momentum Builds as Ethereum Exits Trading Range

Based on analysis conducted by Trader Tardigrade, Ethereum has completed its third major consolidation phase, historically followed by upward movements. The chart shows Ethereum breaking out of its range with a projected path pointing above $30,000 if the pattern continues. Previous cycles followed similar setups marked by strong rallies after consolidation.

https://twitter.com/TATrader_Alan/status/1951626046744453430

Ethereum rose from $2,100, clearing key Fibonacci retracement levels before facing resistance near $3,950. The price currently holds the 0.236 retracement level at $3,511, and analysts consider $3,550 as the next short-term hurdle. A breakout above $3,825 may open the way for further gains. RSI at 54 signals neutral strength, with potential for renewed momentum if buying resumes.

The price structure is forming lower highs near resistance, but a break above the $3,550–$3,825 range could revive bullish sentiment. If this occurs with rising volume, Ethereum may reattempt the $3,950 level and potentially set a new high.

Whale Movements and On-Chain Metrics Support Recovery

According to Lookonchain, a whale recently deposited over 26,000 ETH, worth $93.6 million, to major exchanges. Arthur Hayes also transferred over 2,300 ETH to Binance and B2C2. Such actions often pressure prices but may also clear leveraged positions.

Cas Abbe noted that Ethereum just experienced its largest long liquidation in over three years. He stated, “Panic sellers have capitulated and now strong buyers will emerge.” Coinglass data shows outflows dropped sharply, but August 1 recorded $113 million in net withdrawals, suggesting renewed accumulation.

Despite recent volatility, Ethereum maintains a long-term bullish structure. Market analysts are closely watching for a breakout above resistance zones that could confirm Ethereum's path toward another all-time high.

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