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The post <a href="https://coinpedia.org/price-analysis/ethereums-chart-signals-massive-breakout-ahead-heres-how-eth-price-might-trade-next/" rel="noopener noreferrer nofollow">Ethereum’s Chart Signals Massive Breakout Ahead! Here’s How ETH Price Might Trade Next</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The market has experienced a strong recovery since morning, driven by increased anticipation of a spot Bitcoin ETF, sending Bitcoin to a new 2023 peak of $38,500. However, Ethereum hasn’t attained this surge, even struggling to approach the psychological level of $2,100. Surprisingly, Ethereum’s price chart is currently showing a mixed pattern, suggesting the possibility of an upcoming breakout.
<h2 class="wp-block-heading" id="h-whales-build-profit-taking-sentiment">Whales Build Profit-Taking Sentiment</h2>
In recent hours, Ethereum’s price has been on an upward trend, but this increase has also sparked a rise in profit-taking behavior, particularly among ‘whales’. Today, an Ethereum wallet from the ICO era transferred 3,000 ETH, valued at $6.19 million, to the Kraken exchange.
This early investor, who originally acquired 20,000 ETH for just $6,200 during Ethereum’s initial coin offering, has seen an extraordinary return. With Ethereum’s current trading price at $2,055, this investor realized a profit exceeding 660,000% from this transaction alone, as reported by SpotOnChain.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/yGOwVA9r7bFLsUwapyYW4_6Grw5gS7lBzeZEAjsFTgeZgsn2NSSLwV6ohzbV62wLWZevrDLKB52Jd8fMBJV5bsvMvus35kKF6zaVDTjUfkEdPhUvXDu_ZBzY72PTx_I-hJhXwC2-HeHyBzrT_WuGJes" alt="">
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Such a significant sell-off could potentially create bearish pressure for Ethereum, especially near its resistance level. Moreover, CryptoQuant’s data indicates a reduction in outflows, as this metric recently hit a one-month low. Lower outflows are seen as bearish because they imply that fewer holdings are being withdrawn from exchanges, thereby increasing the reserves and the likelihood of selling.
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Additionally, large transactions have now doubled as the metric jumped from $1.7 billion to $3.6 billion in 24 hours. This suggests an increase in whale activity amid ETH’s price recovery, which might once again trigger a correction. Amid this, the taker buy sell ratio is declining as it now trades at 0.98. The taker buy-sell ratio is the ratio of buy volume divided by the sell volume of takers in perpetual swap markets.
A value under 1 indicates that the sell volume from market takers is exceeding the buy volume, signifying an increasing interest in a price decline.
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price">What’s Next For ETH Price?</h2>
Ether approached the key resistance level of $2,100 recently, but failed to breach it, possibly leading to profit-taking, as indicated by the long wick on that day’s candlestick. Holders are currently booking their profit near $2,075. As of writing, ETH price trades at $2,047, surging over 0.4% from yesterday’s rate.
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Currently, the bears are attempting to push Ether’s price way below the 20-day Exponential Moving Average (EMA) of $2,046. If successful, the ETH price might drop below the trend line at $1,985. Falling below this level could complete a double-top pattern, potentially triggering a more significant correction towards $1,850. However, buyers will strongly defend a decline below $1,900.
Conversely, if the price holds its momentum above 20-day EMA, it would imply that buyers are still drawn to <a href="https://coinpedia.org/price-analysis/how-high-can-ethereum-eth-price-surge-after-blackrock-etf-approval/" rel="noopener noreferrer nofollow">lower prices</a>, possibly driving the price towards the overhead resistance zone between $2,138 and $2,188. To establish a significant ascending triangle pattern, buyers will need to overcome this resistance zone.

Ethereum’s Chart Signals Massive Breakout Ahead! Here’s How ETH Price Might Trade Next

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