Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record By Cointelegraph

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Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record

Ethereum’s native token Ether (ETH) is poised for a mini bull run above $3,000 primarily due to a classic bullish reversal pattern on its shorter-timeframe chart, and a huge spike in ETH outflows from Coinbase (NASDAQ:).

ETH’s price has been forming a falling wedge pattern since late March 2022, which raises its prospects of undergoing a breakout move in May.

daily price chart featuring falling wedge setup. Source: TradingView
Ethereum balance on exchanges. Source: Glassnode
Ethereum number of addresses with balance ≥ 0.1 ETH, 1 ETH, and 10 ETH. Source: Glassnode
ETH/USD daily price chart featuring ‘ascending triangle’ setup. Source: TradingView
ETH/USD and S&P500 correlation coefficient. Source: TradingView