Ethereum could be on a strong bullish breakout crisis as chain data shows an increase in whale accumulation and rare chart patterns rise further.
Ethereum (ETH) was trading at $2,545 on Monday and has been hovering at this level for the past few days. This price is about 7% below the monthly high.
There are indications that large investors are hoping Ethereum will recover in the coming months. On-chain data shows that the supply of ETH held by whales is steadily rising. These addresses currently hold ETHs of 103.5 million, up from 102 million on March 1, a rise of nearly 1.5%, a key indicator of bullishness.
Ethereum whale | Source: Santiment
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Further data shows the Ethereum ecosystem has seen locked totals rise by 26% over the last 30 days, exceeding $132 billion. Bridged TVL has risen to more than $400 billion, examining the value of assets locked in a cross-bridge agreement.
These numbers are much higher than those for chains that combine other chains. Solana (Sol) has $22.4 billion in TVL and $9.3 billion in BSC.
Ethereum ETFs are also seeing an influx. SOSOVALUE data shows that influxes have occurred in the last six days, bringing cumulative influx to $2.76 billion.
Ethereum price technology analysis
ETH Price Chart | Source: crypto.news
The daily chart shows Ethereum has been promoted from its April low of $1,382 to $2,547. It formed a bullish flag pattern consisting of a powerful vertical rally followed by a period of integration.
ETH currently trades Fibonacci retracement levels of 38.2% and 50%. A bullish signal, Golden Cross appears to be imminent as the 50-day weighted moving average approaches the crossover.
Additionally, ETH holds just above the main support/resistance pivot level of the Murrey Math Lines tool, reinforcing the bullish construction. A bullish breakout is confirmed when Ethereum surpasses the 50% Fibonacci retracement level at $2,730. In that scenario, the next major goal is $3,000 psychological resistance, a profit of 18% from the current level.
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