The price of Ethereum has shown renewed bullish momentum after a recent drop, reaching $3,554. Experts predict a potential rise towards $4,100.
Recovery from August Lows
Ethereum's price has begun recovering after dipping to $3,357 in early August. Starting August 3, the price surged nearly $200 within 24 hours, signaling strong bullish potential.
Technical Patterns Indicate Continued Uptrend
Observations on short-term charts show a clear uptrend. One notable pattern described is an inverse head and shoulders model, with support levels forming below current levels. If the current trend persists, a target price of $4,100 is expected.
Accumulation Signals from Big Players
Supporting this bullish sentiment is significant whale activity. Data indicates that large holders on platforms like Hyperliquid are predominantly taking long positions, reflecting strong confidence in Ethereum’s medium-term price direction.
The existing bullish momentum, supported by major market players and technical patterns, may lead Ethereum prices to further increases in the coming days.
