Inverse Head And Shoulders Pattern Says ETH Will Touch $12,000
Ethereum price shows signs of breakout, as analysts note The formation of inverted head and shoulders Pattern on 6 month long term price chart. This bullish formation has sparked predictions that Ethereum could soon rally to $12,000, marking the all time high The second largest cryptocurrency by market capitalization.
Ethereum price target at $12, new chart pattern
In a post on Tuesday X (formerly Twitter), cryptocurrency analyst Tony Severino release The Ethereum price chart shows an inverse head and shoulders pattern, a technical analysis indicator indicating Potential trend reversal. This unique chart pattern has four key components: left shoulder, head, right shoulder, and neckline.
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Typically, when the pattern is fully formed and a cryptocurrency breaks above the neckline, it signals underlying Shift from downtrend to uptrend. In the case of Ethereum, its price has been on a steep downward trajectory, falling more than 8% in the past week.
Although from The highest price exceeds $4,000 After recently falling below $3,500, Severino remains optimistic about Ethereum’s potential for a trend reversal, predicting bullish price target The top altcoin is worth $12,000.
Checking the analyst’s price chart, the left shoulder of the inverse head and shoulders formed in 2021, while the head emerged in 2021. Ethereum price plummets The end of 2022 marks the nadir for the model.
Furthermore, the right shoulder of the inverse head and shoulders pattern has been completed, with Ethereum recently testing the neckline – a key resistance level at the horizontal trendline. then, Ethereum breaks through $3,400confirming the bullish trend reversal typically associated with this chart pattern.
Looking at the price chart, the distance between the head and neckline is approximately 265.84%, which suggests that if the pattern plays out as expected, Ethereum could rise between $10,000 and $12,000. An upward sloping inverse head and shoulders channel further supports this bullish trend outlook, and Severino’s Ethereum price target may be in line with the trajectory of this channel.
Ethereum whale accumulation trend surges
although Ethereum price An analyst dubbed “Mr. Crypto” says it’s trading at $3,493 after surging 2.3% in the past 24 hours disclose Whales have been on a massive buying spree.
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The analyst shared a chart showing the balance of Ethereum’s cumulative addresses. He revealed that Ethereum whales are Buy ETH tokens exponentiallySteady increase in holdings since 2017. The sharp increase in accumulation suggests investors may be positioning themselves ahead of bullish price action.
The red arrow in the analyst’s chart also shows that ETH balances on accumulated addresses have surged significantly in recent months. Most wallets associated with this surge in accumulation saw small outflows, indicating long-term holding behavior by investors.
Featured image created using Dall.E, chart from Tradingview.com
