A symmetrical triangle is a key technical pattern that often indicates a period of consolidation followed by a breakout to the downside or upside. In Ethereum’s case, its price has been on a major consolidation trend, failing to experience similar price surges seen in Bitcoin and other altcoins. With the now broken triangle pattern, TheMoonCarl is setting new bullish price targets at around $3,400 for Ethereum. At the time of the symmetrical triangle breakout, Ethereum was trading at around $2,707.
TH Whales Are On The Move Amidst analysts’ bullish predictions for Ethereum and its recent breakout from a key symmetrical triangle pattern, reports have revealed that large-scale investors, typically referred to as "Whales” are now back in action. Whale Alert, a blockchain tracker and analytics system revealed a series of substantial whale transactions involving the Ethereum token.
In the last 24 hours, an Ethereum whale had moved a whopping 12,590 ETH tokens, worth approximately $33.8 million from an unknown wallet to Coinbase. Related Reading: Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect Additionally, in the past few hours, another Ethereum whale had transferred 8,452 ETH tokens valued at $22.4 million from an unknown wallet to Binance.
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