Ethereum Price Breaks 90-Day Accumulation Amid Whales Sell-off; Is $4,000 Close?

Ethereum Breaks 90-Day Accumulation, Defies Whale Sell-off Amid Election-Driven Rally. ETH Eyes $4,000 Target After Decisive Breakout

Ethereum Price Defies Whale Sell-off as ETH Breaks Out of 90-Day Correction

Over the past five months, Ethereum’s price has seen a steady correction from $3,975 to $2,150, marking a 46% loss. Daily chart analysis shows this retracement strictly followed the two trendlines of a falling wedge pattern.

Typically, this pattern indicates a temporary correction within an established uptrend, allowing buyers to regain bullish momentum. Following the U.S. Fed rate cut in September, ETH’s downtrend shifted to a sideways accumulation trend above the $2,200 level.

Donald Trump’s victory in the 2024 presidential election provided the necessary boost for a renewed crypto market recovery. Consequently, Ethereum’s price surged from $2,400 to $2,914 — a 21.7% increase — in just four days.

This recovery resulted in a decisive breakout from the falling wedge pattern’s resistance trendline. If this breakout holds, buyers could drive a 40% surge, pushing ETH to $4,000.

ETH Holds Firm Amid Whale Profit-Taking

Alongside this key breakout, ETH’s price recovery demonstrated significant strength by defying active selling pressure from whales. According to Lookonchain, a major crypto whale holding 398,891 ETH valued at $1.14 billion sold 29,897 ETH for $84.87 million USDC after the recent rally.

The whale initially acquired ETH at an average cost of $3.50 per coin, turning the sale into an 810x profit, equating to $84.7 million in realized gains. While large holders selling typically triggers market volatility and a fresh correction trend, this whale still holds 368,992 ETH (worth approximately $1.07 billion).

Potential Pullback

On the contrary, Ethereum’s price could witness a short pullback to retest the breached trendline. A breakdown below this flipped support could prolong the market correction.

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