Ethereum is up a little over 1% in the past 24 hours. It is still trailing the broader crypto market, but it has cut its monthly loss to about 5.7%, while Bitcoin is down more than 10% for the month. Even with the slow pace, the Ethereum price is showing early signs of strength again.

A well-known bullish pattern is taking shape, whales are increasing their holdings, and the chart is now close to a level that decides if this breakout is real.

Ethereum is forming a cup and handle pattern, a structure that often appears before trend reversals. The “cup” is the rounded bottom from the mid-November low, and the “handle” is the recent pullback. The rim of the pattern slopes slightly downward, but this does not break its validity.

A sloping neckline still works as long as the price keeps respecting the cup structure and returns to test the rim.

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Right as Ethereum started to move out of the handle, whales increased their positions. Between December 11 and December 12, whale supply jumped from 100.41 million ETH to 100.50 million ETH.

That is a small yet timely addition of 90,000 ETH, worth roughly $293 million at the current price.

Whale buying during a pattern breakout attempt often shows that large holders expect continuation. It does not confirm the move, but it does support the setup.

A clean breakout requires a daily close above $3,486, which is the neckline of the pattern. Ethereum is still about 7% below that line.

If Ethereum clears $3,486, it confirms the cup and handle structure and activates the measured target.

Based on the depth of the cup, the Ethereum price target sits near $4,779, a 37% move from the supposed neckline. Before reaching that, Ethereum would meet interim resistance levels at $3,712 and $4,249.

These areas historically slow price, so they act as checkpoints on the way to the full target.

On the downside:

Right now, the bias leans cautiously bullish. The pattern is intact, whales are adding, and Ethereum is only one push away from its breakout line. Confirmation still needs that 7% move, but the setup is stronger than it has been in weeks.

The post Ethereum Price Flashes A Big Breakout Hope — But It’s Still 7% Away From Confirmation appeared first on BeInCrypto.

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