Ethereum Price Hits Eight-Month High, Eyes $3,000 Breakout

Ethereum's price is eyeing $3,000 as its liquid supply tightens. The altcoin recently reached an eight-month high of $2,660 but has since pulled back to trade around $2,474. At this level, buyers are defending higher lows for Ethereum.

The shape of the current triangle formed by rising support meeting resistance near the recent highs bears a striking resemblance to an earlier triangle that preceded a 30.91% increase in just three days. This similarity adds credibility to the possibility of another large upside.

Before the consolidation, whales accumulated Ethereum as more than $300 million worth of ETH left exchanges. This reduced available exchange supply and helped support the advance toward $2,660. Now, ETH needs to break the triangle's upper boundary to revive that momentum.