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- Ethereum crypto’s cup and handle pattern is aiming for $6K.
- Ethereum price prediction has unveiled a bullish outlook.
Ethereum (ETH) appeared bullish and is poised for a massive breakout rally as it formed a bullish cup and handle pattern. However, it hovered around the $4k resistance zone and saw significant whale accumulation activity in the last few hours.
Per the Ethereum price prediction, the token may rise significantly. This could happen due to increased buying pressure and growing capital inflows.
At press time, Ethereum price traded at $3998, noting a rise of over 1.20% in the last 24 hours. In the previous seven days, the ETH price surged more than 11%, with an 80% increase in trading volume. That conveyed a bullish stance.
Is Ethereum Heading to $6K Amid Bullish Cup and Handle Pattern?
Ethereum’s monthly chart has depicted a cup and handle pattern. The pattern indicated that a significant move may be on the way.
Furthermore, it highlighted the Ethereum price was in the handle formation stage after the formation of the cup and was about to break out. However, Ethereum could go as high as $6K if it does break out.
Per Ethereum price prediction, the token was pulled back to create a handle and has established firm ground. Furthermore, it is now preparing for a surge.
If Ethereum exceeds the resistance of around $3,960, it would support the bulls and create a positive outlook toward the cryptocurrency.
Whale Activity Spikes as ETH Price Surges Past $3330
Whale movements have been conspicuous since the ETH price hit $3,330. For more than 10,000 ETH, starting from the beginning of October 2024, addresses were 440. Moreover, by the end of December 2024, it became 560.
The whales stocking up on ETH hinted at a rising trend of institutional investors. This happened as more institutional buyers gained conviction in Ethereum’s future.
Whale accumulation was in sync with ether’s price movement. Overall, whales who invested drove the Ethereum price up. Furthermore, this was in line with the sentiment that big players were optimistic about the token.
This trend toward accumulation illustrated a better long-run market conviction. In most cases, these investors believe that the market will rise and prices will rise.
Ethereum Price Prediction: Is a Rally Toward $6K on the Horizon?
Ethereum price prediction has represented a positive scenario. As the ETH price approaches the breakout zone, a massive upsurge could be seen in the following sessions.
The leading and lagging indicators represent a bullish view, pointing toward a rising accumulation. Amidst the cup and handle formation, the investors have continued to accumulate ETH and anticipate a breakout move.
In case of a successful breakout above the $4k mark, an upsurge toward $5500 and $6000 can be anticipated in the upcoming sessions.
What Does Derivatives Data Suggest?
On-chain metrics further supported the bullish outlook. Data from Coinglass shows that ETH‘s Long/Short Ratio shows that 59% of the long contracts have dominated the market. Thus, bulls were dominating the asset.
Additionally, the Futures Open Interest (OI) has risen over 3.43% to $28.97 Billion and continues to rise steadily.
Furthermore, ETH’s OI-weighted funding rate remained positive at 0.0108%. It has signaled bullish sentiment for the ETH price among the market participants.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
