Ethereum (ETH) is preparing for a new breakout with unusual buying signals and an increase in positions from whales and the U.S. government.
ETH prices are maintained within the downtrend channel and are testing important resistance levels, while analysts expect the next target could reach $5,600 due to significant buying from whales and the government.
MAIN CONTENT
Ethereum is fluctuating within a narrow price range, awaiting new breakout signals.
The next target for ETH could reach $5,600 before correcting.
The U.S. government and Ethereum whales are simultaneously increasing their holdings, demonstrating strong confidence in ETH.
How is Ethereum moving in the current price range?
Expert Ali Martinez notes that ETH is in a narrow range with resistance above at $4,342 and support below at $4,219, indicating that the market is still cautious ahead of the next move.
Maintaining above the $4,342 level could pave the way for an uptrend with the next target levels being $4,516 and $4,623, aligning with Fibonacci levels on the price chart. Conversely, if support at $4,219 cannot be held, selling pressure may rise sharply, driving prices down to the $4,061 and possibly even $3,862 regions as the downtrend continues.
Why is the price target of $5,600 anticipated?
Reputable trader Ted shares a chart indicating that ETH is gradually breaking the downtrend channel and accumulating near the important resistance zone, signaling a potential price breakout in the near future.
Experts predict that the $5,600 region will be the next major target for ETH, expected before the market may experience stronger correction phases. This price level marks the return of the short-term uptrend.
Ethereum is preparing for a significant price increase if it surpasses the current resistance levels, creating a great opportunity for long-term investors.
Ali Martinez, Cryptocurrency Analyst, 2024
How are the government and Ethereum whales acting?
Data from trader Ted shows that the U.S. government has just added approximately $332,460 to its ETH fund, raising its total holdings to around $281 million, indicating increasing interest in Ethereum.
At the same time, Ethereum whales have opened long positions worth $300 million, based on significant USDC inflow. These moves are often strong indicators of a broader bullish trend in the market.
The continuous participation of both whales and the U.S. government reflects strong belief in Ethereum's future and its ability to recover strongly after a correction phase.
Ted, Cryptocurrency Trader, 2024
Frequently Asked Questions
What price trend is Ethereum currently in?
ETH is moving within a downtrend channel, with a narrow range from $4,219 to $4,342, awaiting a clear breakout signal.
What is the next price target for Ethereum?
Experts lean towards the $5,600 level as the nearest destination before a potential large correction.
How much Ethereum is the U.S. government holding?
The U.S. government is estimated to own around $281 million worth of Ethereum after its latest purchase of $332,460.
How do Ethereum whales' movements affect the market?
Whales opened $300 million long positions, typically indicating a strong bullish trend ahead.
How to track important signals of ETH?
Monitor resistance at $4,342 and support at $4,219, along with large trading activities from whales and the government.
Source: https://tintucbitcoin.com/ethereum-but-pha-gia-co-the-5-600-usd/
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