Ethereum (ETH) has been making waves in the cryptocurrency market, with experts predicting a massive upside rally for the world’s second-largest digital asset. A recent bullish price action pattern on a monthly time frame has caught the attention of crypto enthusiasts, leading to speculation about a potential breakout.
A well-known crypto expert recently shared a chart on X (formerly Twitter), comparing Ethereum’s current market structure to Bitcoin’s setup before its explosive 2024 surge. The expert noted that if the pattern holds, ETH could be gearing up for a major move in the near future.
In addition to the expert’s prediction, data from Coinglass’s spot inflow/outflow indicates that exchanges have witnessed a significant outflow of $402 million worth of ETH in the past 48 hours. This large outflow amidst market uncertainty suggests that investors and long-term holders are accumulating the token, creating buying pressure and setting the stage for a potential upside rally.
Moreover, pro-crypto figures like President Donald Trump have also been seen accumulating Ethereum, further bolstering the bullish sentiment surrounding the digital asset. Eric Trump, the executive vice president of the United States, recently took to X to express his opinion that it’s a great time to add ETH to one’s portfolio.
All these factors combined point towards Ethereum’s bullish outlook and its potential for a massive breakout—a move that it missed during Bitcoin’s previous all-time high in 2024.
In terms of current price momentum, Ether is currently trading near $2,750, experiencing a slight price decline of over 1.35% in the past 24 hours. However, trading volume has also dropped by 18.50% during the same period, indicating lower participation from traders and investors possibly due to high market volatility.
Overall, Ethereum’s technical setup, market dynamics, and increasing institutional interest suggest that the digital asset could be on the cusp of a major breakout. As investors eagerly await Ethereum’s next move, all eyes are on the charts to see if ETH can replicate Bitcoin’s historic surge in the coming months.