Ethereum (ETH), the world's second-largest cryptocurrency by market cap, is showing promising signals with its bullish pattern formation. A crypto expert highlighted this on social media, comparing ETH's current market structure to Bitcoin's (BTC) setup before its explosive 2024 surge.
Ethereum Mega Breakout
The expert noted that ETH’s current market condition looks very similar to BTC's sentiment before its major breakout in a previous cycle. If the pattern holds, a significant move could be on the horizon. Crypto investors and long-term holders have been consistently accumulating the token since the market declined.
$402 Million ETH Outflow
Data from Coinglass reveals that exchanges witnessed a substantial $402 million ETH outflow in the past 48 hours. Such a large withdrawal amid market uncertainty suggests potential accumulation, creating buying pressure and fueling further growth.
Time to Add ETH, Trump's Take
Significantly accumulating ETH is pro-crypto President Donald Trump. Recently, U.S. Executive Vice President Eric Trump garnered attention with his social media post stating, 'In my opinion, it’s a great time to add ETH.' This adds to the bullish outlook for Ethereum and its potential for a significant upside rally.
All these factors point toward Ethereum's bullish outlook and its potential for a major rally. Its current price is around $2,750, yet there is a decline in trading volume, potentially due to high market volatility.
