Ethereum is still consolidating in a symmetrical triangle on the hourly chart, suggesting an incoming Ethereum price breakout. This consolidation, in tandem with important on-chain activity, has contributed to a greater sense of curiosity about Ethereum’s direction.
The Ethereum cryptocurrency is currently trading at $1,666, with a marketcap trading volume of $16 billion. In the past day Ethereum is up by 5.58%.
Technical Analysis Points to Potential Surge
Ethereum is now in the process of consolidating within a symmetrical triangle pattern on the ETH/USD one-hour chart.
Ethereum $ETH is currently consolidating within a symmetrical triangle on the hourly chart, hinting at a potential 17% price move - Ali Martinez
The bullish symmetrical triangle signals an upcoming 17% price breakout. Supporting the move higher on the bullish side, Ethereum looks to be in a bullish pennant, a continuation pattern that usually follows an uptrend. This bullish pennant is aiming for a long-term breakout up to $8,000.
Ethereum continues to remain closely within critical Fibonacci levels. A confirmed breakout above $1,446 might lead Ethereum on a bullish journey toward the $1,900 resistance level.
Key Support and Resistance Levels
At the moment, resistance is found around $1714.94 and $1804.05, while support is at $1568.13 down to as low as $1384.00. A breakdown could pull Ethereum under the $1,400. ETH had originally been trading around the 0.5 Fibonacci retracement level of 1,646.
Trading volume surged by 26.32%, as it totaled $16 billion, indicative of the growing participation in the market and the heightened interest in Ethereum.
On-Chain Activity Fuels Speculation
New on-chain data tells the story of the epic use and speculative activity going on today with Ethereum and DeFi platforms. Wallets then proceeded to borrow $15.4 million in USDT collateralized by Ethereum and funneled the funds back to OKX.
In a recent massive move, one big player moved 15,953 Ethereum—about $26.16 million—from the OKX exchange into Aave, a DeFi protocol. In addition to this active movement, there is a strong push for further strategic positioning from the DeFi ecosystem.
