ETH bulls pushed the price to $2,300 on Monday. The altcoin posted over 14% in gains this week. The latest price action has been a welcome relief for investors amid macro tensions due to the blockade of the crucial Strait of Hormuz shipping route.
For Ethereum, a crucial indicator has flipped to “buy” for the first time in months.
Breakout Alert
According to popular crypto analyst Ali Martinez, Ethereum could be entering a new phase after months of downward pressure, as the SuperTrend indicator flipped from “Sell” to “Buy” for the first time since September.
The last two times this happened, ETH went on to rally 52% and 174%. Martinez also noted that ETH recently reclaimed the $2,200 level as support after trading below it for weeks. The analyst identified $2,400 and $2,600 as the next levels to watch.
Meanwhile, spot Ether ETFs accumulated roughly $265 million over the past three weeks, as per data updated by SoSoValue.
The BlackRock’s newly debuted iShares Staked Ethereum Trust (ETHB) recorded $43.48 million in inflows on its first day of trading. Market experts point out that the investment vehicle could significantly reduce the amount of ETH available on the market. According to Axel Bitblaze, the fund would stake most of the Ether it holds, effectively locking it on-chain and removing it from circulation. With around 30% of ETH already staked, the trader believes additional institutional staking demand could further shrink the liquid supply if other asset managers launch similar products.
Accumulation Trend
Separate blockchain data indicates that several major investors have been actively building new Ether positions. Bitcoin advocate and ShapeShift founder Erik Voorhees, for instance, has resumed accumulating the asset after roughly a year without purchases. On-chain data shows he used two wallets to spend 49.08 million USDT to acquire 23,393 ETH at an average price near $2,098 and still retains 35.25 million USDT.
Other large buyers have also appeared, including early Ethereum contributor “billΞ.eth,” who purchased 7,769 ETH for $17.46 million, and another whale wallet that accumulated nearly 12,000 ETH over four days.
Additionally, market commentator Ted Pillows stated that Ethereum’s recovery could allow the asset to climb toward the $2,400 region, where resistance remains limited. Still, Pillows expects the rally could be temporary before the crypto asset potentially turns lower again.
The post The Ultimate Bull Signal? Why ETH’s Chart Just Flipped to ‘Buy’ for the First Time Since September appeared first on CryptoPotato.
Ethereum may be exiting its months-long downtrend after the SuperTrend indicator turned bullish. Crypto Bits, Crypto News, Ethereum (ETH) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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