The post Whales Accumulate ETH: Analysts Predict Ethereum Price’s Parabolic Move appeared on BitcoinEthereumNews.com.

Ethereum (ETH) price is seeing increased accumulation from large investors, with analysts suggesting that it could be following a pattern similar to last February’s rally. Currently, ETH is out of a bullish falling wedge pattern, and the institutional inflows are increasing, with traders eager to know Ethereum’s next move. Ethereum Price Breaks Out of Falling Wedge, Eyes $3,000 Ethereum has been in a falling wedge formation and has recently broken to the upside out of the wedge, which is quite a bullish sign. Such a breakout indicates a reversal of the trend, with ETH price currently hovering around $2,692.30. 4-hour ETH trading chart | Source: Tradingview Market analyst MerlijnTrader pointed out that the price chart of Ethereum looks similar to the parabolic pattern observed in its price increase last February . Based on previous trends, ETH is likely to reach a steep rise in the value in the next few weeks. Technical Indicators Support Bullish Momentum The RSI stands at 52.28 which is slightly above the midline. This shows the mild bullish pressure and momentum may increase incase of more buying pressure. Following the MACD, we can see that the MACD line is above the signal line, which is a bullish signal, indicating a rising buying pressure. Also, the histogram has now begun trending up, indicating that the asset could potentially extend recent gains. Whale Accumulation and Exchange Outflows Signal Confidence Thus, Santiment reported that an incredible 224,410 Ether were moved out of exchanges in a single day on February 8th and 9th, which is the highest figure in 23 months. This is normally a bullish indication since it suggests that traders have a long-term interest in them instead of trading on exchanges. 😯 There was a historic milestone of ~224,410 ETH moving away from exchanges in the 24 hours…

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Filed under: News - @ February 12, 2025 8:21 pm