Summary
- Cointelegraph reported that Ethereum (ETH) has further upside potential despite the overall market weakness.
- Recently, new whale wallets accumulated over 540,000 ETH, and an inverse head and shoulders pattern on the chart suggests the possibility of breaking through $4,000.
- However, if ETH drops below $3,500, the bullish scenario becomes invalid, and in the short term, an adjustment to the $3,150~$3,300 range is possible.
On the 25th (local time), Cointelegraph, a media outlet specializing in virtual assets (cryptocurrencies), reported that despite the overall market weakness, Ethereum (ETH) still has room for further gains.
According to the outlet, since July 9, eight newly created whale wallets have accumulated more than 540,000 ETH in total.
In addition, ETH continues its upward trend, staying above the 50-day Exponential Moving Average (EMA) on the 4-hour chart and the 200-day EMA on the 1-hour chart.
In particular, an 'inverse head and shoulders' pattern is forming on the 1-hour chart, and if ETH breaks through the $3,750 level, which is a major resistance and downward trend line, it is projected that further gains up to $4,000 are possible.
However, the outlet noted that if ETH falls below $3,500, this bullish scenario could be invalidated, and in this case, prices could be adjusted to the $3,150~$3,300 range in the short term.
Meanwhile, as of 04:59 on the 26th, ETH is trading at $3,641.04 on the Binance Tether (USDT) market, a 2.50% decrease from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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