Ethereum

Solana

<p>The post <a href="https://coinpedia.org/news/bullish-pattern-spotted-in-ethereum-eyes-on-12-price-jump/" rel="noopener noreferrer nofollow">Bullish Pattern Spotted in Ethereum, Eyes on 12% Price Jump</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The overall market has experienced a significant price drop across all the major cryptocurrencies including <a href="https://coinpedia.org/news/bitcoin-no-breakout-no-trade-says-peter-brandt/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, Ethereum (ETH), and Solana (SOL) in recent days. Amid this market downturn, Ethereum (ETH) the world’s second-biggest cryptocurrency has formed a bullish price action pattern on the 4-hour time frame.</p>
<h2 class="wp-block-heading" id="h-ethereum-s-ascending-triangle-pattern"><strong>Ethereum’s Ascending Triangle Pattern</strong></h2>
<p>In the past week, ETH has been consolidating within a tight range between $2,340 and $2,700. During this period, ETH has formed a bullish ascending triangle pattern at the crucial support level.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41-1024x448.png" alt="" class="wp-image-337875" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/13004358/ETHUSDT_2024-08-13_00-43-41.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<h3 class="wp-block-heading" id="h-eth-price-prediction-nbsp"><strong>ETH Price Prediction&nbsp;</strong></h3>
<p>Following this formation of a bullish price action pattern, expert suggests bullish outlook for ETH. However, it is trading below the 200 Exponential Moving Average (EMA) on both 4-hour and daily time frames, which indicates a bearish trend.&nbsp;</p>
<p>If ETH gives a breakout of the bullish ascending triangle pattern in a 4-hour time frame and closes a candle above the $2,751 level, there is a high possibility it could soar 12% to reach the $3,100 level in the coming days. This level is near the 200 EMA, which acts as a strong resistance for ETH.</p>
<p>However, the current bearish market sentiment could make it challenging for ETH to break through this resistance level of the ascending triangle pattern. Besides, bearish market sentiment and ongoing consolidation investors and institutions are continuing to accumulate tokens at lower levels.</p>
<h3 class="wp-block-heading" id="h-66-of-eth-holders-are-profitable"><strong>66% of ETH Holders are Profitable</strong></h3>
<p>Apart from this technical analysis, the on-chain analytic firm IntoTheBlock recently made a post on X (previously Twitter) stating that nearly 66% of ETH holders are currently profitable. This post on X (previously Twitter) has gathered massive attention from the crypto community. Additionally, the last time such profitability was witnessed was in October 2023, when ETH was trading near the $1,800 level.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Just 66% of Ethereum addresses are currently in profit.<br><br>Last week's market downturn significantly impacted Ethereum, pushing many holders into the red. <br><br>The last time we saw a similar percentage of profitable holders was in October 2023, when Ethereum was trading around $1,800. <a href="https://t.co/XhMonaaSPA" rel="noopener noreferrer nofollow">pic.twitter.com/XhMonaaSPA</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1822960390344507515?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>At press time, ETH is trading near the $2,630 level and has remained stable for the last 24 hours. During the same period, it has also reached to $2,700 level. This stability, combined with the bullish price action pattern has led to a significant 95% increase in trading volume.</p>

Bullish Pattern Spotted in Ethereum, Eyes on 12% Price Jump

Table of Contents

CoinPedia News

Other articles published on Aug 12, 2024

Layer-1 blockchain Canto is still offline after two days

Investors Show Interest in XRP Options Market

Binance Added to List of Venezuela Censorship Amid Political Unrest

Ginnan The Cat Price Prediction: GINNAN Plunges 9% As Investors Flock To This P2E DOGE For 100X G...

Sui (SUI) Surges to 30-Day High, Eyes $1.12 Target

All About Decentralization Autonomous Organizations

Join our free newsletter for daily crypto updates!