With the growing bullish sentiment across the general crypto market, Ethereum is now seeing a renewed uptrend, pushing the digital asset to break above the key $2,600 resistance level. Beneath the ongoing positive price performance, a crypto analyst has underlined the potential for ETH to witness a robust rally in the upcoming weeks.
Wild Surge May Be Imminent For Ethereum
Since retesting the $2,850 range, Ethereum’s price has fallen sharply toward key support zones. ETH may have faced bearish pressure after hitting the level, but a recent analysis from BATMAN, a crypto expert and trader, implies that this stage might just be the calm before the storm.
BATMAN’s analysis contends that Ethereum seems poised for an explosive move, with several technical indicators and key patterns pointing to the possibility of an impending wild upswing. Despite its pullback, ETH remains one of the best-performing crypto assets in the last few months, which strengthens its case for an incoming parabolic run.
After examining ETH’s price action, the analyst is confident and expects the altcoin to bounce strongly from its current levels. His chart shows that Ethereum is building momentum above $2,471, which is currently the most immediate support against downward attempts.
Furthermore, BATMAN highlighted that the altcoin is consistently forming higher lows as it targets key resistance levels. While the expert highlights several resistance levels ahead, he underlined the $2,900 mark as the next target for ETH in the short term. However, ETH’s path to this range is not without hurdles.
Looking at the chart, the first resistance ahead is at $2,657, the second is at $2,773, and the third is at $2,879. Following its rally to the first resistance, Ethereum is expected to witness a brief pullback before surging again toward the next resistance zone at $2,773. A similar scenario is likely to occur when Ethereum hits the second resistance before rallying to the third barrier and beyond.
The current setup and trend line support add to Ethereum’s bullish case for an explosive rally. BATMAN believes that the $4,000 price mark is not far away if the structure and trend line support hold.
Are ETH Sharks And Whales Positioning For A Rally?
ETH’s recent waning price action has not influenced key investors’ sentiment toward the altcoin. A report from Santiment, a leading on-chain analytics platform, shows that Ethereum’s key investors, particularly the sharks and whales, are quietly ramping up their accumulation.
This persistent accumulation is identified among wallet addresses holding between 100 and 1,000 ETH. Such a development among this cohort signals growing conviction in ETH’s long-term prospects. Although the altcoin gears up for a rally, this action may suggest strategic positioning by these investors.
Data from Santiment reveals that the number of these holders now stands at 6,392. Over the past 30 days, the group has accumulated more than 1.49 million ETH, marking an increase of over 3.72%. After this massive accumulation, this cohort now holds 26.98% of ETH’s total supply.
Featured image from Pixabay, chart from Tradingview.com
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