Ethereum forms a diamond pattern near $2.9K, with whales accumulating and long-term setups hinting at a possible move toward $3,600.
Ethereum forms a diamond pattern near $2.9K, with whales accumulating and long-term setups hinting at a possible move toward $3,600.Ethereum is trading around $2,900, following a daily drop of over 3%.
Over the past week, the price has lost nearly 12%, with sellers pushing it below the key $3,000 mark. Despite the short-term weakness, chart patterns and activity from large holders have led to renewed interest in a possible rebound toward $3,600.a diamond pattern forming on Ethereum’s 1-hour chart. This setup has developed after a clear downtrend, with the price now moving within a narrow range between $2,900 and $2,985. The shape of the pattern, often linked to reversals, has drawn attention as the asset continues to compress. Notably, the diamond is sitting inside a demand zone, where past buying interest has shown up. If ETH breaks out above the top edge of the pattern, the next possible move could push it toward $3,600. The analyst noted that it was their first time identifying this structure, which may call for added caution around interpretation. On the monthly chart, Ethereum is forming a broader structure that spans several years. Analyst Trader Tardigrade pointed to a completed double bottom pattern, with ETH recently pushing above the neckline. The setup reflects a recovery that started after the lows of 2022 and may support a longer-term move higher if momentum builds. the second bottom of the larger structure. This includes the classic left shoulder, head, and right shoulder layout. Both patterns are widely watched in markets as potential signals of trend reversals.Currently, ETH is trading under the 9-week exponential moving average, which is near $3,150. Staying below this level suggests that the short-term trend remains under pressure. The asset will need to reclaim this line to regain momentum.The Relative Strength Index is at 43 and remains below 50. It has also dropped under its signal line, reflecting a lack of buying strength. No divergence is visible at this stage, but RSI is approaching levels that have previously aligned with short-term price floors.over 20,000 ETH, worth around $59 million. While this activity has not yet moved the market significantly, it adds to a broader trend of quiet accumulation., on-chain data shows that the realized price of coins held in accumulation wallets is now close to the current market valuation. This suggests that while price action appears weak, stronger hands continue to position in the background.Olivia Stephanie is a FinTech enthusiast with a sharp insight into financial markets. Her deep interest in economics and finance drives her exploration of blockchain innovations and the evolving world of cryptocurrencies.Bitcoin Price Loses $90K Support Despite Trump’s Softer Greenland Stance: Weekly Crypto Recap
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