Ethereum price has just broken out of a key symmetrical triangle pattern, signaling potential rise to a novel level over $3,000. The recent breakout is seen as a bullish indicator for the most popular altcoin by analysts who have been closely watching Ethereum’s price action over the past few months.

Ethereum price is breaking out of a key triangle pattern

This was done by a popular cryptocurrency analyst identified on X (formerly Twitter) as “TheMoonCarl”. revealed that Ethereum price has finally broken out of the symmetrical triangle pattern. Sharing a chart illustrating a distinctive technical pattern, the analyst revealed to his 1.3 million followers that symmetrical triangle pattern it began to form in August 2024 and continued through September and October to potentially peak around December.

However, before Ethereum reached its designated endpoint, its price broke the upper trendline of the triangle, indicating a potential bullish breakout towards novel highs. The symmetrical triangle is a key technical pattern that often indicates: consolidation period followed by a breakout down or up.

In the case of Ethereum, its price is in a major consolidation trend, without reaching a similar price increases observed on Bitcoin and other altcoins. With its broken triangle design, TheMoonCarl breaks novel ground bullish price targets at around $3,400 per Ethereum.

At the time of the breakout from the symmetrical triangle, Ethereum’s price was around $2,707. However, at the time of writing Cryptocurrency dropped according to CoinMarketCap, pushing the current price to $2,629 by 3.15%. While the analyst is very bullish on his Ethereum price prediction of $3,400, the cryptocurrency will still need to see a 29.91% gain to achieve this feat.

TH whales are on the move

Among analysts bullish predictions for Ethereum and the recent breakout from the key symmetrical triangle pattern, reports have revealed that vast investors, usually referred to as “Whales”, are now returning to the stock.

Whale Alert, a blockchain tracking and analysis system, has revealed a number of crucial information whaling transactions involving the Ethereum token. There has been an Ethereum whale in the last 24 hours moved as many as 12,590 ETH tokens worth approximately $33.8 million from an unknown wallet to Coinbase.

Additionally, another Ethereum whale has taken place in the last few hours transferred 8,452 ETH tokens worth $22.4 million from an unknown wallet to Binance. Typically, when whales move coins from their private wallets to a centralized exchange, it often means they can sell off their tokens.

Although a full-blown sale could cast a shadow over the situation Ethereum already has sluggish price dynamicsit appears that whales are not only moving ETH to exchanges, but also potentially accumulating tokens. Whale Alert reported that an anonymous whale recently moved 8811 ETH from Binance to an unknown wallet.

These multiple transactions create uncertainty as to whether the whales are selling more than they are buying. However, with Ethereum’s recent breakout from its symmetrical triangle pattern, bullish momentum could push prices higher, potentially encouraging more purchasing activity.

Featured image created with Dall.E, chart from Tradingview.com