Ethereum Consolidates in Symmetrical Triangle, Eyes 17% Move

Ethereum gained 5.58% in 24 hours, now trading at $1,666 with $16B volume.
Analyst Ali Martinez sees a 17% move possible as ETH nears triangle apex.
Merlijn the Trader envisions a bullish pennant setup targeting a long-term rise to $8,000.

Ethereum has climbed back above the $1,600 line, now priced at $1,666, with a 5.58% gain over the past day. Trading volume also jumped by 26.32%, reaching $16 billion. This latest movement has stirred interest among analysts, who are tracking technical signals that may point to a major shift.

Ali Martinez, a well-followed analyst on X, highlighted that Ethereum is consolidating inside a symmetrical triangle on the hourly chart. Ethereum $ETH is currently consolidating within a symmetrical triangle on the hourly chart, hinting at a potential 17% price move, he wrote.

Source: Ali_Charts

Additionally, this triangle is sitting tightly within important Fibonacci levels. At that time, Ethereum was trading near the 0.5 Fibonacci retracement level at $1,646. Resistance lies at $1,714.94 and $1,804.05, while support rests around $1,568.13 and extends down to $1,384.00. A confirmed breakout above $1446 level could push ETH to the $1,900 range, while a breakdown may drag it below the $1,400.

Ethereum Withdrawal Suggests Accumulation

A major move has added intrigue to Ethereums trajectory. Lookonchain, a blockchain tracker, noticed a big player shift 15,953 ETHworth around $26.16 millionfrom the OKX exchange into Aave, a DeFi platform. Right after that, the wallets borrowed $15.4 million in USDT against the ETH and funneled the money back to OKX.

Withdrawing such a large amount of ETH and locking it in a lending protocol signals long-term confidence in the asset. This type of activity often hints at accumulation by seasoned investors, known to foreshadow bullish momentum. The cycling of borrowed funds back to the exchange may be a setup to purchase even more ETH or expand exposure to other assets.

Source: Lookonchain

Such activity reduces sell pressure on exchanges and can help set the stage for upward movement, especially if other indicators align in Ethereums favor.

Bulls Eye Higher Ground with $8,000 Vision

Meanwhile, One analyst holds a more optimistic view, pointing to a small bullish candlestick that features long upper and lower shadows. This formation, coupled with the highest weekly trading volume on Binance spot since November 2022, suggests that $1,385 may represent Ethereums bottom. The combination of candlestick structure and volume provides early signs of a potential trend reversal.

For confirmation, the analyst notes that both this week and next week should close with bullish candlesticks, with Ethereum maintaining levels above $1,700ideally near $1,800. If that scenario unfolds, it could establish a reliable weekly bottom pattern, reinforcing the outlook for a sustained recovery.

In addition, Trader Merlijn The Trader highlighted that Ethereum is forming a bullish pennanta pattern that often signals continuation after an upward move. Combined with years of sideways consolidation, he refers to this as an explosion setup, confidently projecting that ETH could climb toward the $8,000 mark in the near term.