Bullish Pennant on ETH: Is a $5K Breakout Next?

TL;DR

• Ethereum forms a bullish pennant as it compresses between $4,400 support and $4,800 resistance.
• Whale wallets holding over 10,000 ETH rise sharply, signaling renewed confidence in long-term growth.
• ETH exchange reserves hit multi-year lows, suggesting reduced sell pressure and rising demand.

Ethereum Price Holds Firm Within Tight Pattern

ETH is currently trading around $4,500. The price movement in recent days shows a pause after a steady climb, with the chart forming what analysts describe as a bullish pennant. This structure includes rising support and falling resistance, creating a narrowing zone that often leads to sharp moves once the price breaks out.