In a recent analysis by Kraken OTC, Ethereum’s native token Ether (ETH) displayed promising signs of an impending breakout. According to the analysis, technical indicators point to an all-time high of $5,200. So is this just an exaggeration or a real turning point for ETH? Here are Kraken’s Ethereum prediction and details…
Kraken makes Ethereum prediction: Climbs confidently
This week, Ethereum has safely surpassed the critical $3,000 mark, driven by various positive factors. However, the journey towards new record highs may face short-term consolidation challenges. According to technical analysis of Kraken OTC, the weekly Ether chart reveals the formation of an ascending triangle formation. This pattern is defined by a horizontal trend line connecting the highs and an upward sloping line connecting the lows, indicating a significant bullish move with an implied target of around $5,200.
cryptokoin.com As we reported, the rise above $3,000 was a critical moment for Ether. The bulls successfully broke through historical resistance levels. Thus, it exhibited higher lows and showed a gradual weakening of the downtrend. Kraken OTC also explores the Ichimoku cloud, a Japanese technical analysis tool. The weekly Ichimoku Cloud pattern indicates a bullish outlook for Ethereum, with ETH positioned above key lines such as Tenkan-sen, Kijun-sen, and the Ichimoku Cloud itself. The critical level to watch remains at $2,141. A close below this mark will invalidate the ascending triangle formation.
There are also positive fundamentals for ETH
Kraken OTC also considers positive fundamental factors contributing to ETH’s potential upward move. Analysts note the noticeable decrease in Ether supply since the transition to Ethereum’s proof-of-stake consensus mechanism. Ether’s recent technical breakout, coupled with positive fundamentals, paints an optimistic scenario for investors. According to comprehensive analysis from Kraken OTC, Ethereum reaching its all-time high of $5,200 is on the horizon.
Whales focus on ETH
Meanwhile, the whale, which purchased more than 104 thousand ETH in 5 days, is increasing the Ethereum price. According to Spot On Chain, the whale purchased ETH at an average price of $2,875. He currently has 112 thousand 966 ETH in his wallet. It is estimated that he made a profit of $17.25 million from this investment. Blockchain analysis platform Spot On Chain said, “This whale is single-handedly supporting the ETH price!” he commented.