☀️The price chart of Ethereum now reflects a pattern indicating a record pump of BTC

Ethereum has recently caused a sensation for a legitimate reason, providing a bullish signal for its native token Ether ETH/USD. Now, the price chart of the cryptocurrency shows a striking pattern reminiscent of the setup of Bitcoin BTC/USD, which set a record increase last month.
The three-line breakthrough chart of Ether can filter out daily noise and unstable price fluctuations, indicating that the eight-month corrective trend of this Cryptocurrency (characterized by lower high points and lower low points) has ended, and the broader rise trend since the October 2023 low point (close to $1,500) has resumed.

🤝This kind of breakthrough usually triggers a bullish chain reaction in prices, attracting new buyers and forcing sellers to exit the market that restricts price pump during consolidation periods.
BTC also experienced a similar breakthrough in mid-October, indicating a Rebound to over a record-breaking $73,000 at the time. According to data from TradingView and CoinDesk, BTC has since surged 45% to over $96,000.

🔝Although traders track price patterns to gauge trend strength and changes, they do not always behave as expected, as fundamental factors can independently determine the formation or disruption of trends.
However, recent activity on the Ethereum network has supported a bullish view of ETH. In November, the number of 'blobs' released on the second layer protocol on the Ethereum network surged. Releasing blobs incurs Fluctuation fees paid in ETH, which are destroyed like regular Money Laundering, thus removing ETH supply from the market.
Meanwhile, mainstream investors' interest in Ether is rising. According to Farside Investors, on Friday, a total of $332.9 million flowed into 9 Ether Spot ETFs listed in the United States, marking the highest single inflow since its inception. Read more: This chart indicates that BTC may hit a new high above $73,000.
(tv-Coindesk)