Ethereum Near $1,700 – Whale Activity and Sign of Triangle Pattern
Ethereum (ETH) has once again made a big splash in the crypto market. ETH is now trading near $1,700, and the price has seen a tremendous surge of 3.84%. Trading volume has also seen a big boost of 27.92%, which shows the growing interest among investors. Currently, Ethereum is priced at $1,679.41, and its market cap has reached $202.68 billion.
Symmetrical Triangle Pattern – Sign of Breakout
Ethereum price is now consolidating within a symmetrical triangle pattern. This pattern shows a chance of a breakout on either side (up or down), but currently the market sentiment seems bullish. When the price moves in such a narrowing range, a bigger breakout is usually seen. Analysts are saying that if ETH breaks the upper boundary of this pattern, the price could see a huge jump.
According to the analysis of Ali Charts, ETH has fluctuated between $1,580 and $1,640 in recent weeks. Important levels to watch are $1,600 and $1,620. According to Fibonacci retracement, the 0.618 level, which is around $1,600, is acting as a strong support. If the price breaks this support, there can be a downside risk, but if there is an upward breakout, a surge of up to 17% is possible.
Whale Activity – New fresh movement in the market
Another interesting development was seen amidst this bullish setup – whale activity. According to Lookonchain’s X (Twitter) post, a large whale has withdrawn 15,953 ETH (approximately $26.16 million) from the OKX exchange and put it in the Aave protocol. This move is considered a bullish signal, as whales are usually long-term bullish when they transfer ETH to DeFi protocols.
Not only this, those wallets also took $15.4 million worth of USDT against the ETH collateral and sent it back to OKX. This could also mean that whales are using leverage to extract liquidity from their ETH holdings, but still they did not sell ETH – which is again a positive sentiment.
Is this the starting point of a bull run?
This phase is quite crucial for Ethereum. The breakout direction of the symmetrical triangle pattern will define whether the next move will be bullish or bearish. But the spike in trading volume, steady rise in price, and whale accumulation all indicate that bullish momentum is building in the market.
The total circulating supply of Ethereum is currently 120.69 million ETH, which is equal to the total supply. This also means that new coins are not coming to the market, which can be more positive for the price if demand increases.
Should Traders Take Positions?
If you are a short-term trader, waiting for the breakout would be a smart move. Taking an entry on a break above the triangle can be a good strategy. But if the price breaks downwards, the chances of a drop below $1,580 may increase.
For long-term investors, this whale accumulation and rising volume is a positive sign. ETH’s potential use-case is quite strong considering the future of DeFi and smart contracts.
Conclusion:
Ethereum is now standing near the $1,700 threshold, and excitement is clearly visible in the market. Whale movements, rising trading volume, and technical chart patterns are all giving bullish indicators. But as with every volatile asset, the direction of the breakout will decide the final move.
If you invest in crypto, now is the time to analyze and stay alert. Monitor Ethereum charts closely as chances of a big move in the next few days are quite high.
Disclaimer: This blog is for informational purpose only. Crypto investments come with high risk. Do your research before investing.