Recent data indicates that major companies and cryptocurrency whales continue to buy large amounts of Ethereum (ETH), at a time when activity on the network is witnessing a noticeable increase, reinforcing expectations for a price rise in the upcoming period.
For example, Bitmain announced that it owns about 1,150,263 ETH at an average price of around $4,311 per unit, reflecting great confidence in the future of the currency.
Technically, analyst Gert van Ligen confirmed that Ethereum has broken the 'expanding descending wedge' pattern on the weekly timeframe, indicating that the next target may be near the all-time high of $4,860, with the possibility of heading towards $5,210 and $6,946, representing an increase of between 14% and 63% from the current price of about $4,300.
Analyst VirtualBacon adopted a more ambitious view, predicting a price range between $6,000 and $7,000 this year if Bitcoin rises to $150,000, and the ETH/BTC pair rises to 0.044, setting a personal target at $6,600.
Analyst Crypto Patel believes that breaking the $4,400 level will trigger a strong upward wave supported by increased demand in the spot market, intensive activity in derivatives, and a decrease in supply due to staking and exchange withdrawals. However, he warned that failing to break $4,400 could push the price down again.
With this momentum, it seems that Ethereum has a historic opportunity to test unprecedented levels, but the path will not be without challenges.
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