Ethereum
Investors are accumulating Ethereum ahead of the bull run
3:00 p.m. ▪ 3 min reading ▪ by Fénelon L.
As Ethereum price hovers around a crucial resistance level, savvy investors are seizing this last opportunity to accumulate the crypto ahead of a potential surge in its price. Indicators are converging to suggest that a powerful bull rally could begin soon.
A crucial level of resistance to overcome
THE crypto market frequently offers exceptional opportunities to the most savvy investors. This is precisely what is currently happening with Ethereum (ETH).
Although the crypto is currently experiencing a decline of around 2%, this correction phase could represent the last window to position itself at a lower cost before a potential major rebound, according to the latest analyzes.
Indeed, if Ethereum price manages to breach the key resistance around $3,700, it could trigger a powerful bullish rally, according to renowned analyst Milkybull. The expert even emphasizes that this price zone could constitute the last opportunity to strengthen its position in ETH at relatively low levels during the current bullish cycle.
Technical indicators seem to corroborate this scenario with signals increasingly supporting strong latent buying pressure. In support of this thesis, the Coinbase Premium indicator for Ethereum shows a sustained downward trendsuggesting low selling pressure among U.S. investors, often considered a reliable barometer of upcoming trends.
Ethereum Positioned for a Major Rally
Driven by a series of favorable factors in 2024, Ethereum has already recorded an impressive gain of almost 67% since the start of the year.
As a result of these major developments, many analysts are now expecting a dizzying potential appreciation of Ethereum. A $6,000 goal early July is frequently mentioned, fueling investor enthusiasm for this crypto.
CryptoQuant data also corroborated this underlying bullish momentum. Between May 23 and June 2, investors withdrew no less than 797,000 ETH, representing a colossal value of $3.02 billion, from the reserves of the main centralized exchanges. A strong signal that crypto investors are in a phase of massive accumulation.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.