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The price of Ethereum has increased by more than 1% in the last 24 hours. It still lags the broader cryptocurrency market, but it cut its monthly loss to about 5.7%, while Bitcoin fell more than 10% during the month. Even with the slow pace, the price of Ethereum is showing the first signs of strength again.
There is a well-known bullish pattern that is forming, the whales are increasing their holdings, and the chart is now close to a level that will determine if it is true.
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A well-known pattern forms when whales enter
Ethereum consists Cup and handle model, a structure that often appears before trend reversals. The “cup” is the rounded bottom of the mid-November low, and the “handle” is the recent pullback. The edge of the model goes down slightly in the floor, but this does not prevent its validity.
The diagonal rock still works as long as the price respects the structure of the cup and retests the tip.
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exactly when Ethereum is starting to move Off the handle, whales have increased their positions. Between December 11 and 12, the whale supply jumped from 100.41 million eth to 100.50 million eth.
This is a small but timely addition of 90,000 ETH, worth about $293 million at the current price.
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Buying a whale while trying to throw the pattern often shows that the top judges expect it to continue. It does not confirm the transition, but supports the configuration.
A clean breakout requires a daily close above $3,486, which is the neck of the pattern. Ethereum is still about 7% below this limit.
Ethereum price levels that confirm the discovery
If Ethereum reaches $3,486, it confirms the cup and handle structure and activates the measured target.
Depending on the depth of the cup, the… The price of Ethereum It approaches $4,779, a 37% increase from the assumed neckline. Before reaching this, Ethereum will reach temporary resistance levels at $3,712 and $4,249.
These areas historically slow down the price, so they act as checkpoints on the way to the healthy target.
On the negative side:
- Weakness appears first with a daily close below $3,152, which breaks the handle structure.
- The setup is canceled if Ethereum falls below $2,620, which is the lowest support that marks the bottom of the cup.
Currently, the bias is cautiously tilted to the side. The model is still intact, the whales are fake, and Ethereum is just a push away from the battle line. The confirmation still needs to move 7%, but the installation is stronger than it has been in weeks.
