ETH Price Soars as it Escapes the Grasp of a Falling Wedge Pattern – What Lies Ahead?

Crypto News- In a recent tweet, the Onchain Market Analyst known as Lookonchain shared an exciting development – a crypto whale managed to rake in an astonishing $1.3 million in profit within a mere two-week span.

According to the insights provided by the platform, this particular whale initiated their venture by investing a substantial sum of 8.63 million USDT to acquire 5,437 ETH at a price of $1,587, strategically timed just before Ethereum’s price catapulted on October 20. Remarkably, this strategic investor proceeded to offload 5,436 ETH for an impressive total of 9.93 million USDC, capitalizing on a price of $1,827, and this transpired a mere 2 hours ago.

ETH Price Soars as it Escapes the Grasp of a Falling Wedge Pattern – What Lies Ahead?

Shifting our focus to Ethereum’s 7-day price chart, a vivid picture of the cryptocurrency’s volatility unfolds. The week kicked off with ETH trading at $1,784, and on the first day, it reached its zenith at $1,863, only to falter and dip beneath the initial market price on the third day. Nonetheless, the fourth day marked a turning point as Ethereum staged a comeback and began ascending beyond its opening market price for the week. Subsequently, ETH maintained a trading range between $1,780 and $1,820.

A closer examination of the chart uncovers Ethereum’s prolonged engagement in a descending wedge pattern since March 2023, characterized by a pattern of lower highs and lower lows. However, ETH managed to muster a resurgence after obtaining crucial support at the $1,540 level. Furthermore, following the principles of conventional trading wisdom associated with descending wedges, it is reasonable to anticipate that Ethereum may ascend by a distance comparable to the wedge’s initial height.

Consequently, if this breakout aligns with the standard pattern, there is a compelling probability that Ethereum could experience a surge, potentially reaching a price level of $2,011. The heightened trading activity observed at Ethereum’s current price level further bolsters the confidence in the potential for an upward trajectory. Conversely, in the event of an adverse turn in Ethereum’s price, it may seek a safety net of support at the $1,542 level.