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This Ethereum (ETH) Pattern Breakout Might Result in 400% Gains: Details

Mon, 07/31/2023 - 13:48
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Tomiwabold Olajide
Ethereum might melt faces if it finally breaks out
This Ethereum (ETH) Pattern Breakout Might Result in 400% Gains: Details
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Crypto analyst "Jelle" highlights positive price potential for the second largest cryptocurrency by market capitalization, Ethereum (ETH).

Jelle spotted a triangle formation on ETH, which might yield potential gains if validated. A triangle chart pattern involves a price moving into a tighter range as time evolves and provides a visual display of the battle between bulls and bears.

The semblance of an ascending triangle, a type of triangle chart pattern that arises when there is a resistance level and a slope of higher lows, is seen on the ETH chart posted by Jelle. As buyers keep putting pressure on the visible resistance line, a breakout might happen as a result.

Ethereum (ETH) Sets New Record With $52 Billion Worth Securing Network

The crypto analyst excitedly tweeted that Ethereum might "melt faces" if it finally breaks out of the triangle formation, further adding that a fivefold increase might be probable if ETH achieves a breakout from this pattern.

"When ETH finally breaks out of this triangle, it will melt faces. A 5x from current prices is about my final target for ETH this cycle," Jelle stated in a tweet.

At the time of writing, ETH was marginally down in the last 24 hours to $1,868. A fivefold price increase from its current levels might see ETH target $9,340, representing a 400% growth.

Dormant ETH whale awakens

An address that took part in Ethereum's ICO awakened and moved funds for the first time in eight years, sending out 641 ETH worth over $1.2 million.

"An Ethereum ICO participant woke up after 8 years of dormancy, transferred 641 ETH out, and started staking," Lookonchain tweeted.

Dormant Ethereum (ETH) Address Wakes up From Eight Years of Inactivity

The address in question received 2,000 ETH from Ethereum's Genesis at a cost of about $0.31 per coin. That sum is now worth more than $3.72 million.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.