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Ether's Price Chart Now Mirrors a Pattern That Foretold Bitcoin's Record Rally
Dec 2, 2024, 5:54 a.m.
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What to know:
- Ether's three-line break chart shows a bullish pattern similar to BTC's in mid-October.
- The bullish technical setup is accompanied by an uptick in the Ethereum network activity and spot ETF inflows.
Ethereum has recently been making waves for the right reasons, providing bullish cues to its native token, ether . Now, the cryptocurrency's price chart reveals a compelling pattern reminiscent of the set-up in bitcoin before it chalked out a record rally last month.
Ether's three-line break chart, which filters out day-to-day noise and erratic price movements, shows the cryptocurrency's eight-month corrective trend, characterized by lower highs and lower lows, has ended and the broader uptrend from the October 2023 lows near $1,500 has resumed.
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Such breakouts often trigger a bullish cascading effect on price by attracting new buyers and forcing out sellers that restricted price rallies during consolidation.
Bitcoin witnessed a similar breakout in mid-October, signaling a rally to the then-record highs above $73,000. BTC has since surged 45% to over $96,000, according to data source TradingView and CoinDesk.
While traders track price patterns to gauge trend strength and changes, they don't always work as intended and fundamental factors can single-handedly make or break trends.
That said, the recent activity on the ethereum network supports the bullish case in ETH. The number of "blobs" posted on the Ethereum network by the layer 2 protocols surged in November. Posting blobs incurs fluctuating fees paid in ether, which are burned like regular transaction fees, taking out ETH's supply from the market.
Meanwhile, mainstream investor interest in the token is rising. On Friday, the nine spot ether ETFs listed in the U.S. accumulated $332.9 million in inflows, the highest single tally since inception, according to Farside Investors.
Read more: This Chart Indicates Bitcoin May Be Headed for Record Highs Above $73K
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