Ethereum is reportedly on the brink of a significant price surge. An inverse head and shoulders pattern, identified by analyst Tony Severino, foresees a potential rally to $12,000. The price chart highlights critical milestones like the left shoulder formed in 2021 and the head during the 2022 crash.
The pattern predicts a shift from Ethereum's downtrend to a bullish trend, potentially reaching between $10,000 and $12,000. This charted bullish move is corroborated by a trend of increased whale accumulation, as pointed out by analyst Mister Crypto.
Whales have been significantly purchasing ETH since 2017, indicating confidence in a future price rise. Minor outflows in accumulation addresses signal the tokens are being held long-term, suggesting strong investor sentiment for positive price movement.
