Key takeaways:Ether’s bull flag affirmation on the each day chart targets 34% positive factors to $6,100.The % of ETH provide held on exchanges has dropped to 12% for the primary time since 2016.Depleting ETH provide on exchanges factors to a “provide squeeze” and long-term accumulation.Ether (ETH) worth registered a multi-year excessive of $4,792 on Thursday after a forty five% rise from its Aug. 3 low at $3,354. The worth is now consolidating beneath its $4,867 all-time excessive after validating a traditional bullish continuation sample.Can Ether’s worth rise 34% within the subsequent few days?Ether’s “bull flag” hints at $6,000ETH rallied greater than 126% between June 22 and Aug. 14 to succeed in a multi-year excessive just under $4,800. The newest rally noticed the value breach the resistance supplied by the higher boundary of a bull flag at $3,770 on the each day chart, confirming a bullish breakout.Associated: BlackRock Bitcoin, Ether ETFs purchase $1B as BTC worth largely fills CME gapA bull flag is a continuation sample that happens after a major rise, adopted by a consolidation interval on the greater worth finish of the vary.Ether has confirmed a ”textbook bull flag” within the each day time-frame, mentioned dealer Mister Crypto in an earlier evaluation on X. “The goal is $6,000.”ETH/USD each day chart. Supply: Mister CryptoAs Cointelegraph reported, bulls at the moment are targeted on pushing ETH above a key resistance at $4,700. Such a transfer may probably result in the subsequent leg up for Ether, measured at $6,150 or 34% from its present worth degree.ETH/USD each day chart. Supply: Cointelegraph/TradingViewHowever, it is very important observe that the success price of a bullish pennant is barely round 54%, which makes it one of many least dependable patterns.Extra formidable projections have been made by different analysts, citing growing institutional demand by way of spot Ethereum ETFs and ETH treasury firms, placing ETH’s high between $12,000 and $30,000. Proportion of ETH on exchanges drops to a brand new low ETH % provide on exchanges has dropped to a nine-year low, falling to 12.36% for the primary time since July 2016, Glassnode knowledge exhibits.ETH % steadiness on exchanges. Supply: GlassnodeDiminishing Ether provide on exchanges could sign an incoming worth rally fueled by a “provide shock,” which happens when sturdy purchaser demand meets reducing obtainable ETH.“Solely 18.5M Ethereum left on exchanges,” mentioned fashionable dealer Merlijn The Dealer in a Friday submit on X. The dealer attributed this to aggressive shopping for by ETF issuers and Ethereum treasury firms, including:“When shortage meets demand, worth doesn’t go sideways. Provide squeeze incoming.”Coupled with over 35.7 million ETH staked (30% of provide), based on knowledge from UltraSound Cash, this “provide squeeze” indicators sturdy holder conviction and lowered sell-side strain.This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.