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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.
When $ETH finally breaks out of this triangle, it will melt faces.
— Jelle (@CryptoJelleNL) July 31, 2023
I'm ready. Are you? pic.twitter.com/4YebKAOCMy
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.
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.
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.
Alex Dovbnya
