Ethereum Wedge Pattern: Can Breakout Push Price to $5,450?

The Ethereum ecosystem has witnessed record levels of ETF inflows with close to $0.8 billion in net flows.

This sharp increase in institutional money flow indicates increased confidence in Ethereum’s future . Further, growth in whale activity adds to the bullish sentiment.

ETH ETFs See Record High Single-Day Inflows

Ethereum ETFs have seen the highest-ever single-day inflow, with net flows spiking to nearly $0.8 billion. 

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At this moment, the increasing green (ETH-related) and black (net flows) lines describe a dramatic shift in the baseline; the demand for Ethereum-backed ETFs has never been higher.

Specifically, the ETH, EETH, and ETHW net flows had a remarkable rise, reaching the highest record level ever.

The inflow for ETH-related ETFs reached a record high, surpassing previous records indicating positive institutional demand.

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A consistent trend is now emerging among some of the largest investors. Their rising Ethereum positions suggest a positive sentiment and an expectation of potential growth.

The flow chart clearly shows that the trend of Ethereum ETFs getting inflows of large sums of capital is becoming true.

The most recent inflow of funds is significant. It indicates that the momentum is beginning to build for Ethereum to be headed for further price rises as more institutions and large investors come to the market.

Analyst Predicts Ethereum Could Reach $5,450 After Wedge Breakout

We can see that currently, Ethereum is forming a broadening wedge pattern, as seen on the 3-day chart. This technical formation signifies that there is increasing volatility in Ethereum.

Further price movement is accompanied by a significant expansion of the current levels of support and resistance.

The broader picture seems in favor of the token breaking this wedge pattern in the near term. This is bound to initiate a big price movement.

The midterm target for Ethereum stands at $ 5450, thus providing room for significant upside upon breakout.

Once the token manages to break the upper trendline of the wedge, it can be expected to move with force and sink in both retail as well as institutional investors who will be looking for a continuation of the uptrend.

Upward momentum or a rally toward this target can be a reality given the overall strong sentiment surrounding Ethereum prices.

Now, it will be very interesting to see how the upcoming price action unfolds, as it will either determine that Ethereum consolidates in the demanding wedge or breaks to higher levels.

The best place to concentrate right now is the breakout point, which is likely to be explosive and pushes Ethereum to higher levels of profit for the traders.

Ethereum Hits $3,250 as Whale Activity Reaches Highest Level Since August

Ethereum, which is now worth $3,254, has managed to gain impressive numbers. It has allowed it to remain in the second position in terms of market cap of the largest cryptocurrencies for the last eight years.

For the first time in 14 weeks, the cryptocurrency has surpassed the $3,200 mark. That’s thanks to increasing momentum in the market, reflecting a growing confidence from the participants.

The data for whale transactions depicts tremendous growth in whale transactions, with more than 8,482 transactions being recorded, which is the highest recorded since August 4th.

These new transactions suggest a reinvesting outlook from institutions and large stakeholders. $10.4 billion in transactions of Ethereum were notably completed beneath that surge during this phase.

This has not been encountered since the early half of August when institutions and high-net-worth individuals became again inclined. Also, whale transactions have increased in number.

This, together with the ongoing price gain, suggests Ethereum’s growth is substantial. The movement of whales and the price of the token indicate a bullish trend. Interest from institutional investors continues to grow.