Key Points
Crypto analyst Jelle has made a prediction regarding Ethereum’s price.
He suggests that Ethereum could reach $5,000 by March.
The basis for this projection is a long-term technical pattern.
Additionally, there have been reports of institutional accumulation.
Ethereum’s Performance
Ethereum has seen a significant increase of 51.9% over the past year.
In the past week, it has posted gains of 2.4%.
However, it experienced a 1.9% decline in the last 24 hours.
The asset’s performance over the last 30 days indicates a slight 0.4% decrease.
This suggests that there may be consolidation before a potential breakout.
Jelle’s recent market analysis highlights a bullish pennant formation.
This formation has developed over nearly four years.
This technical structure is typically followed by major price advances when there is increased buying activity.
There are reports that wallets linked to Trump’s circle have been accumulating Ethereum.
This coincides with broader discussions about government cryptocurrency stockpiling.
The institutional interest provides fundamental support to the technical analysis.
Despite recent market volatility, Ethereum’s price action has shown resilience.
It has maintained its yearly gains.
While there is some uncertainty in the short-term movements, the longer-term uptrend remains intact.
This is evident from the substantial yearly performance.
Technical analysts have noted the completion of local low sweeps as another bullish indicator.
This suggests that weaker positions have been cleared out before a potential upward move.
However, Ethereum is still down by over 31% since its all-time high in November 2021.
While Bitcoin has breached its all-time high multiple times recently, Ethereum has not shown such strength.