Jelle, a crypto analyst, has predicted that Ethereum will reach $5,000 in March.
The analyst reported a technical pattern over a longer period of time and cited institutional accumulation. The prediction comes at a time when ETH has maintained a 51.9% rise over the previous year.
Ethereum posted gains of 2,4% during the week. However, it experienced a 1,9% drop in the 24 hour period. The asset’s performance over the past 30 days shows that it has experienced a slight 0.4% drop, which suggests consolidation ahead of a potential breakthrough.
Jelle recently highlighted in her market analysis a bullish pennant that had developed over the past four years. This structure is visible as converging trends following a large upward movement. It usually precedes significant price advancements when it’s validated by increasing buying activity.
Nearly 4 years inside this massive bullish pennant and the local lows have all been swept.
US Gov talking crypto stockpile, while the president keeps buying $ETH heavily.
They know something we don't.
Time for ETH to step back into the spotlights. pic.twitter.com/0BK0TdcXdS
— Jelle (@CryptoJelleNL) January 24, 2025
Market analysts note that Ethereum has been accruing in wallets reported to be linked with Trump’s inner circle, coincidentally coinciding broader discussion about the government stockpiling cryptocurrency. The institutional support for the technical analysis is boosted by this interest.
Cryptocurrency’s price movement shows resilience, maintaining annual gains in spite of recent market volatility. Although the short-term movement is uncertain with the 24 hour decline, the overall uptrend continues as evidenced by the substantial performance over the past year.
Analysts believe that the conclusion of sweeps from local lows is an additional bullish sign. It suggests that the market is removing weaker positions in preparation for a potential upswing.
ETH, however, has still fallen over 31% from the all-time highest level that it reached in November 2021. BTC recently broke its all-time high multiple times, but ETH is yet to do so.
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Source: crypto.news
