Cryptocurrency Trader Suggests a Single Catalyst May Ignite a Significant Surge for Ethereum – Shares Predictions

Ali Martinez, a noted cryptocurrency trader and analyst, predicts a considerable surge for Ethereum (ETH) based on a crucial aspect.

Martinez informs his audience of 114,500 on social network X that a surge in Ethereum acquisition by crypto whales is creating significant upward pressure, which might cause the altcoin’s value to soar by over 100% from its current price.

He reveals that according to on-chain metrics, whales have invested upwards of $1 billion in ETH over the past week.

“In just the last week, whales have amassed in excess of 330,000 Ethereum, which is worth over $1 billion!”

The analyst predicts that following the intense accumulation, ETH might be on the brink of a “colossal bullish breakout.”

“The current accumulation of buying pressure is gaining steam. Ethereum seems to be shaping the right shoulder of an inverse head and shoulders pattern. With the price range of $2,700 to $2,900 acting as an entry point, a decisive break above the $4,000 neckline could trigger a rally towards $7,000.”

The trader’s technical analysis chart suggests that Ethereum is likely completing a bullish inverse head and shoulders pattern on the daily chart, a sign utilized by traders to spot potential trend reversals from downtrends.

“Observing the formation of the left shoulder, ETH consolidated near $2,800 for 37 days around mid-April before climbing. We could see a similar period of consolidation now as the right shoulder forms.”

Ethereum’s price stands at $3,486 at the time of writing, with a 5.4% increase noted in the previous 24 hours.

Stay Updated – Sign up to receive email notifications delivered straight to your inbox.

Check Current Prices

Connect with us on X, Facebook, and Telegram

Explore The Daily Hodl Mix

 

Disclaimer: The views expressed at The Daily Hodl are not to be taken as investment counsel. Before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors should carry out comprehensive due diligence. Understand that you are responsible for your own trades and transfers, and any losses incurred are your liability. The Daily Hodl is not an investment advisor, nor does it endorse the purchase or sale of any cryptocurrencies or digital assets. The Daily Hodl is involved in affiliate marketing.

Generated Image: Midjourney