Ethereum Nears Bullish Breakout That Could Push It Towards $5,000 $ETH

Ethereum has seen a 22% decline this year from its 2024 highs, reaching around $3,200, putting it in a technical bear market. The decline is attributed to the Ethereum Foundation selling off its large holdings of the coin, as well as its market share declining to rival chains like Tron and Solana.

Despite these challenges, several indicators point to a possible bullish breakout for Ethereum soon. According to historical data, Ethereum has been known to perform well in February, with the coin posting positive returns every February since 2019. Recent data has also shown a decline in balances held on centralized exchanges, suggesting that Ethereum holders are moving their coins to their own wallets, reducing selling pressure on the coin.

Additionally, whales have continued to accumulate ETH, adding to optimism about the coin’s future in the coming weeks.

Share your opinion and expectations in the comments.#Ethereum #Square #BinanceAlphaAlert