Crypto
Ethereum Triangle Breakout Predicts $3,000 Surge Amid SHIB Netflow Anomalies
Ethereum is forming a symmetrical triangle on its 12-hour chart, similar to one that broke out three days ago and resulted in a 31% gain.
A previous breakout from this formation drove a 31% increase in just three days, according to analyst Ali Martinez's analysis (Ali Charts).
The triangle pattern is currently above resistance at $2,474 with a projected upside target of $3,000.
On-chain statistics support the technical picture: immediately before the pattern formed, large holders withdrew more than $300 million in ETH from exchange addresses to cold wallets, reducing supply and causing the coin to hold within the $2,480, $2,510 range after testing an eight-month high of $2,660.