Ethereum is poised for a potential breakout to $5,000, driven by a bullish pennant pattern and significant whale accumulation. Currently trading around $4,500, Ethereum's price has consolidated, with key support levels between $4,400 and $4,500 and resistance at $4,700 to $4,800. Analysts suggest a breakout above $4,800 could propel the price to $5,800. On-chain data reveals an increase in Ethereum addresses holding over 10,000 ETH, indicating growing interest from large investors. Additionally, the supply of Ethereum on exchanges has decreased to 16.9 million ETH, the lowest in years, hinting at a potential supply shock as more coins are moved to private wallets. Traders are closely monitoring the $4,700-$4,800 range for signs of a breakout.
Ethereum Eyes $5K Breakout as Whale Accumulation Intensifies
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