Ethereum is the latest cryptocurrency that has been surging high on the radar. The market is favoring the token at present, helping it attract major institutional interest. Many small-cap firms have been exploring Ethereum actively, lured by its staking abilities. The ETH chart is now showing a new development, the formation of a bull pennant, which, once completed, can help Ethereum surge high in the market. Is ETH truly primed for $5K soon? Let’s find out.

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Ethereum Bull Pennant Formation: Details

ethereum hill
Source: Watcher Guru

Ethereum has lately been attracting major attention and spotlight, primarily as it’s now being viewed as a “blue chip” asset. The token is also gaining traction as a leading foundational chain, allowing devs to build a holistic stablecoin development, as a genius act makes its way into the market. Furthermore, with Trump and BlackRock actively exploring the token, Ethereum is gradually regaining its previous prominence.

That being said, Ethereum’s chart is also reflecting other bullish developments. According to Titans of Crypto, a notable cryptocurrency expert, Ethereum’s chart is showing a bullish pennant formation. If it is confirmed, then the development may help the token hit $5000 soon.

“#Ethereum Bull Pennant: $5,000 in Sight 🎯A bull pennant is shaping up on #ETH.If it confirms, the technical target stands at $5,000.”

As Changelly describes, a bull pennant formation is when an asset spikes after undergoing a brief consolidatory period.

“A bullish pennant is a bullish pole chart pattern rather similar to a bullish flag. It also has a pole—a sharp uptrend—followed by a brief (or not so brief) consolidation, and then a continued uptrend. Unlike the flag, however, its consolidation period is shaped like a triangle: it has higher lows and lower highs. It gives a buy signal.”

Ethereum August Forecast

For the month of August, Changelly ETH data predicts the token to hit a maximum high of $4621.

ETH STATS
Source: Changelly

“Crypto analysts expect that at the end of summer 2024, the ETH price will be around $3,960.72. In August 2025, the cost may drop to a minimum of $3,600.01. The expected peak value might be $4,321.42 in August 2025.”

Also Read: Ethereum Steadies at $3,600: New ATH Coming Says Analysts

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