Ethereum breaks 90-day accumulation, defies whale sell-off amid election-driven rally. ETH eyes $4,000 target after a decisive breakout.

Ethereum Price Defies Whale Sell-off as ETH Breaks Out of 90-Day Correction

In the past five months, the Ethereum price prediction witnessed a steady correction from $3,975 to $2,150, accounting for a 46% loss. An analysis of daily chat shows this retracement resonated strictly within the two covering trendlines of a falling wedge pattern.

Generally, this pattern reflects a temporary correction in an established uptrend which allows buyers to recuperate the exhausted bullish momentum. Amid the September U.S. Fed rate cut, the ETH price downtrend shifted to accumulation sideways trend above $2,200 level.

Donald trump’s Victory in 2024 presidential election gave the necessary push to the renew crypto market recovery. Thus, the Ethereum price rallied from the $2,400 to $2,914— a 21.7% surge— in the last four days.

This recovery gave a decesve breakout from the resistance trendline of falling wedge pattern. If the breakout sustains, the buyers could drive a 40% surge to hit $4,000.

Source: Trading Vimedia

ETH Holds Firm Amid Whale Profit-Taking

Along with key breakout, the ETH price recovery showcased higher strength as it defied the active selling pressure from whale. According to Lookonchain, a major crypto whale, holding 398,891 ETH valued at $1.14 billion, sold 29,897 ETH for $84.87 million USDC after recently rally.

The whale had initially acquired the ETH at an average cost of $3.50 per coin, turning the sale into a staggering 810x profit, equating to $84.7 million in realized gains. While large holders selling typically trigger market volatility and bolster a fresh correction trend, this whale still hold 368,992 $ETH ( worth approximately $1.07B).

His substantial holding indicate the whale still believe in ETH’s future growth.

Image source: x formally twitter

On the contary note, the Ethereu, price could wintess a short pullback to retest the breached trendline. A breakdown below this flipped could prolong market correction.

Disclamation: Recommendations, suggestions, views given by the crypto experts. It’s not financial advice. You must do your own research before investing crypto markets. Crypto Wolf is always trying to share valuable news for trading, staking, investing after our own research. Information source trading view, x (twitter) and online media. Ethereum will reach $5000 soon.

#EthereumWhales #EthereumETFApprovalExpectations #Ethereum(ETH) #ETHETFsApproved #ETH_Market_Update