The Ethereum (ETH) price is currently forming a pennant pattern, according to crypto analyst Ali Martinez.

In his recent post on X, he pointed to a pennant forming lower time frames, indicating a potential rise of over 4% toward $2,820.

According to Ali Martinez, the most important support level for Ethereum is between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million $ETH, while the current target is $2,930.

Ether in critical condition

Ethereum has had one of the sharpest declines during the recent market correction, which cost Ether losing almost a third of its value in a matter of days.

Since the short-term bull run due to the anticipation of a spot ETF, the altcoin’s price has been free-falling from its peak levels near $4,000 in March.

This past week, the crypto market has been on the path to recovery. As the Bitcoin price reached $63,000 on Friday, the overall crypto market cap has regained $2.1 trillion.

Despite all the trouble, Ethereum (ETH) whales have started a huge buying spree on Friday, which could potentially mean they are buying the dip in large transactions.

Collectively, they have bought almost $56 million worth of Ethereum in 24 hours.