Ether (ETH) price rallied nearly 8% over the past 24 hours, reaching a high of $2,064 on March 19. The altcoin’s daily trading volume increased to $17.4 billion as ETH regained a position above the $2,000 level.
Ethereum 1-hour chart. Source: Cointelegraph/TradingView
ETH exhibits an ascending triangle breakout
Ether price is up today after the altcoin managed a successful breakout from an ascending triangle pattern. After falling below $2,000 on March 10, Ether formed higher lows, followed by multiple retests at the immediate resistance of $1,950, which was the pattern’s neckline.
A bullish divergence also took shape between the price and relative strength index (RSI), preceding a local bottom at $1,752. Such technical setups indicate that the bullish momentum is taking charge against the bearish trend.
Bitcoin 4-hour chart. Source: Cointelegraph/TradingView
With a confirmed bullish breakout taking place from the triangle pattern, the technical targets remain at $2,142, which is roughly 5% from ETH’s current price. However, the 100-day exponential moving average (blue line) is providing resistance at $2,050, which needs to be flipped into support for prices to target $2,142.
Rekt Capital, an anonymous crypto analyst, highlighted that ETH recently tested its multi-year demand zone under the $2,000 level. With respect to a bullish reversal, the trader said,
“If price can generate a strong enough reaction here, then ETH will be able to reclaim the $2196-$3900 Macro Range (black).”
Ethereum monthly analysis by Rekt Capital. Source: X.com
Related: ETH price prospects dim as Ethereum DEX volumes drop 34% in a week
Ethereum flows to accumulation address hit new highs
Irrespective of recent price corrections, ETH accumulation addresses have been stockpiling at a significant rate. On March 12, Ether inflows into ETH accumulation addresses hit a one-day record at 345,210 ETH.
ETH inflows into accumulation addresses. Source: CryptoQuant
Ethereum accumulation addresses are a specific classification of wallet addresses used to track long-term holding behavior in the Ethereum network. These addresses usually have no…
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