Cryptocurrency trader and analyst Ali Martinez has recently shared his insights on why Ethereum (ETH) could experience a significant breakout in the near future. Martinez, who has a substantial following on the social media platform X, points to a key factor that could drive Ethereum’s value up by more than 100%.
According to Martinez, crypto whales have been accumulating Ethereum at a rapid pace, with over $1 billion worth of ETH purchases made in the past seven days alone. This influx of buying pressure from whales has led to the accumulation of over 330,000 Ethereum, signaling a strong bullish sentiment in the market.
Martinez believes that Ethereum is currently in a consolidation phase following the recent buying frenzy, setting the stage for a potential “massive bullish breakout.” He points to a head and shoulders pattern forming on the charts, with a key resistance level at $4,000. If Ethereum can sustain a close above this neckline, Martinez predicts a bullish breakout to $7,000.
Analyzing the daily chart, Martinez suggests that Ethereum may be completing a bullish inverse head and shoulders pattern, which typically indicates a trend reversal in a downtrend. Drawing parallels to a previous consolidation period in mid-April, Martinez predicts a similar scenario playing out as Ethereum forms the right shoulder of the pattern.
At the time of writing, Ethereum is trading at $3,486, showing a 5.4% increase in the last 24 hours. With the potential for a breakout to higher price levels, investors and traders are closely watching Ethereum’s price action for any signs of a bullish momentum.
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[Note: Images used in this article are for illustrative purposes only and are sourced from Ali Martinez/X and Midjourney.]