The price of Ether, the second largest cryptocurrency, could see an uptrend of 60.17%. That is according to a recent formation of an ascending parallel channel identified by the prominent crypto trader Ali Martinez. If the bullish pattern holds, Ethereum (ETH) price could reach a historic rise to $6000 soon.
Ether to reach $6000
As per data shared by crypto analyst Ali Martinez, Ether is currently trading within an ascending parallel channel. This means that the asset could witness a 60.17% rise soon. In other words, the surge could enable it to climb up to $6000 in the future. The ascending parallel channel is a technical pattern identified by two upward-slanted trend lines.
Ether has regained strength. It has been up 6% over the past seven days as it tries to recoup an uptrend momentum for its value to move beyond $4000. The recent establishment of an ascending parallel channel, as spotted by analyst Ali, indicates a potential for the asset to see a continued uptrend.
Besides that, whales have renewed Ether accumulation, as the quantities of wallet addresses holding more than 1000 ETH tokens increased after a short decrease in the recent past. That is according to the latest data from Glassnode.
The quantities of ETH whales holding more than 1000 Ether tokens rose to 5,634 on Dec 25, 2024. However, they experienced a decrease after that. As of Jan 2, 2025, these numbers were at 5,604. Recently, the number of big investors started regaining strength and currently sits at 5,615 as of Jan 5. This resurgence in whale activity reflects rejuvenated interest from large investors who could spur Ether’s price growth in the short term.
The emergence of the ascending parallel channel, as identified by analyst Ali, signals that an increasing number of large investors could continue accumulating the tokens. This signifies a rising market confidence and growing buying pressure, possibly boosting greater Ether price uptrends. Whale activity is typically important because big investors substantially impact market trends.
Ether price updates
Meanwhile, Ethereum’s value has not shown remarkable gains following the formation of the ascending parallel channel. However, its current price movements show a potential uptrend.
ETH is currently trading at $3,611.63, up 0.3% in the last 24 hours. Its price has been up 6.4% over the past week, meaning that the crypto is underperforming the global digital asset market which is up 7.20% currently. Furthermore, its trading volume is currently down 29.90% from yesterday, indicating a recent decrease in market activity.
If the upward momentum strengthens, as sustained by recent rejuvenated whale activity, Ether’s price could move upwards towards $4000.
