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US ETH Transfer Triggers Ethereum Bullish Setup, Eyes 10% Breakout
The recent transfer of $219,000 worth of Ether (ETH) from the United States government to Coinbase has sparked concerns over a potential liquidation. The move came as a surprise, with some market participants noting that similar events in the past have preceded larger sales. While the amount is relatively small compared to the total Ethereum (ETH) held by the US government, it remains unclear whether this transfer marks the beginning of a larger sell-off or simply a one-time adjustment.
Notwithstanding the uncertainty surrounding the purpose behind this transaction, the market has taken notice. The bullish pennant formation that emerged on the 4-hour chart, coupled with Ethereum’s RSI holding neutral territory and DMI signaling mild upward trend momentum, creates an environment ripe for a breakout.
Source: coinchapter.com
