Ethereum’s native token, Ether (ETH), eyes a run-up toward $3,000 in Q2 2023 after wrapping the previous quarter with 55% gains.
ETH price nears potential breakout
The price of Ether has more that doubled after bottoming out in June 2022 at around $880, weathering a slew of negative events, including the FTX exchange collapse, interest rate increases, and stricter U.S. regulations.
In doing so, ETH/USD has painted an ascending triangle, confirmed by its rising trendline support and horizontal level resistance. The pattern suggests aggressive buying as lows get steadily higher while highs stay around the same level, indicative of a higher selling pressure at the given level.
As of April 2, ETH’s price is testing its horizontal level resistance range ($1,700-1,820) for a potential breakout move.
A breakout will be confirmed if the price closes above the resistance range while accompanying higher volumes. Furthermore, the ascending triangle breakout target is measures with the length equal to the triangle height.
In other words, the bullish ETH price target is in the $3,350-3,900 range, depending on where traders see the triangle’s rising trendline support, as shown by the T1 and T2 in the chart above. This would be suggest 80% gains by June 2023.
Conversely, a pullback from the $1,700-1,820 range risks delaying the upside setup, and resulting in a broader price correction.
Ethereum whale accumulation remains strong
From an on-chain perspective, Ether’s short-term and long-term trends look skewed toward the bulls.
Most Ethereum whale cohorts have increased their ETH accumulation in recent weeks, according to the latest data from Santiment. For instance, the supply of Ether held by addresses with a 1,000-10,000 ETH balance (blue in the chart below) has grown by 0.5% in March.
Similarly, the 1 million-10 million…
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