After a rough start of the year, Ethereum (ETH), the second largest cryptocurrency, re -picks up. Since the beginning of April, Ethereum managed to create an impressive increase of 90%. ETH consolidates in recent weeks. But now ETH seems to want to continue the advance. What can we expect in the coming weeks.
Whale Zet Markt on the move
A striking development is the mega transaction of $ 75.39 million in ETH by a mysterious Whale on 26 May. This investor is closely monitored, because he also bought a lot just before the earlier doubling of the Ethereum course. With $ 1.52 million profit at its new position, this action analysts encourages speculation about a possible new rally. Maybe this whale knows more.
What does the course say
In the past two weeks, the ETH rate has been rejected twice around the level of $ 2700. With this, the course forms a bullish upward triangle. This is usually a bullish pattern. A breakthrough and a confirmation of the $ 2700 would mean a new range for ETH.
This breakthrough would bring the next $ 3000 price target. This level is a strong psychological level and acted as strong support in the past. Around the middle line of the channel, at $ 2800, the rate could experience some resistance. In February the race here was a local top.
If the trading volume continues to increase and ETH continues like this, the price will quickly test the $ 2700 level for a third time. The upward triangular pattern gives reason to optimism. If the race successfully break through this level, a fast price explosion towards $ 3000 would not be a surprise. The technical price target of the triangle pattern is even around $ 3500. After months of disappointing performance, there is finally reason for optimism for ETH owners. The dragon now seems to be really awake.
Source: https://newsbit.nl/ethereum-klimt-boven-richting-weerstand-is-3000-de-volgende-halte/
