Ethereum has confirmed a breakout from the inverse head and shoulders pattern at the $2,850 level, opening new possibilities for a rise towards $6,000.
Breakout Confirmation
Ethereum has confirmed a bullish breakout after a successful retest of the inverse head and shoulders formation. Technical indicators suggest strong support at the $2,850 level, allowing for a potential rise to $6,000 if the current momentum is maintained.
Whale Activity
On-chain data has revealed a significant purchase from a whale totaling 30,366 ETH worth approximately $114 million. This accumulation indicates long-term confidence from major investors in Ethereum's upward trajectory.
Market Conditions and Upside Potential
Current funding rates for Ethereum remain low, suggesting that the market is not overheated. This indicates that the price increase is likely driven by organic spot demand rather than speculative actions, reinforcing the likelihood of further growth.
The activity of major holders and stable market conditions surrounding Ethereum may contribute to its continued rise.
