Crypto analyst Ali Martinez emphasized a bullish indicator which has reappeared on the Ethereum chart. Based on this development, the analyst has issued a price target that the crypto token could come soon enough.

Bull Pennant Forms on Ethereum Chart

Martinez revealed that a bull pennant on Ethereum’s lower timeframes (LTF). He claimed that this points to a potential 4%+ surge towards $2,820 for ETH. The price of ETH has made an impressive recovery since dropping to $2,200 on August 5, and this bullish indicator confirms that this uptrend is likely to continue soon.

Crypto analyst The Cryptomist also shared a sentiment similar to Martinez’s, suggest that the crypto token could soon rise to $2,840. The analyst mentioned that Ethereum “looks good” around the current price level as it is in a demand zone with a possible ascending triangle. She further revealed that she would open a long position if ETH were to breakout, with her price target around $2,840.

In an update to her analysis, The Cryptomist revealed that the breakout she expected has occurred and the price target of $2,840 remains the same. A potential surge above $2,800 for Ethereum is significant as it could pave the way for the crypto token to reclaim the crucial $3,000 support level.

Crypto Analyst Crypto revealed that Ethereum price had bounced off support on the weekly chart and now needs to close above $3,000 to get back into the range. He added that if ETH manages to close above $3,000 this week, next week will be huge for the second largest crypto token based on market capitalization.

For now, Ethereum will hold $2,600 and eventually break the $2,700 resistance level, which will be crucial for the continuation of the uptrend. Fundamentals such as increased network activity and whale accumulation suggest that ETH will reclaim the $3,000 level sooner rather than later.

If crypto analyst Crypto Kaleo confirmedThe outlook for Ethereum on the higher timeframes is still positive. The analyst predicts that ETH could rise to almost $4,400 later this year.

Ethereum Accumulation Increases

Facts of the market intelligence platform IntoTheBlock shows that Ethereum accumulation is increasing, especially among large holders. large holders Net flow has increased by over 191% over the past seven days, indicating that these whales have been buying the ETH dip.

Data from the on-chain analysis platform Cryptoquant provides more insight into how much these holders have purchased after Recent Ethereum LowsSpecifically, addresses holding between 10 and 10,000 ETH and addresses holding between 10,000 and 100,000 ETH have purchased over 757,000 ETH since August 5.

At the time of writing, Ethereum is trading at around $2,600, down more than 2% in the past 24 hours, according to facts from CoinMarketCap.

Main image from Pexels, chart from TradingView