Ethereum exhibits a rising structure similar to the bull market of 2016-2017. Currently trading above $2,450, Ethereum's accumulation by large investors (whales) is noticeably strong, and the amount of supply on exchanges has significantly decreased.
According to on-chain data, large investors have recently accumulated approximately $10 million worth of ETH. At the same time, the decrease in exchange balances creates a positive impact on prices by reducing potential selling pressure.
COINOTAG sources report that Ethereum's Relative Strength Index (RSI) has risen above critical moving averages, signaling early bullish momentum. This situation indicates that Ethereum has significant upward potential.
Ethereum's price movement above $2,450, combined with the accumulation of large investors and decreasing exchange supply, signals a strong bull trend reminiscent of the rally in 2016-2017.
Ethereum's Technical Outlook Reflects Historical Bull Cycles, Strong Bullish Expectations Exist
Ethereum's current price movements closely resemble the acceleration model seen in the 2016-2017 bull market. Market expert Merlijn The Trader notes that ETH has established a solid support area above the 200-week moving average with increasing trading volume. It is known that such technical formations have emerged before major price jumps. At that time, Ethereum jumped from $10 to above $1,000. Currently, ETH is trading around $2,453, and staying above critical moving averages strengthens the bullish outlook. Additionally, the upward movement of the RSI from neutral levels in higher time frames indicates the start of a new bullish cycle. Despite a decline in trading volume, price resilience is seen as an indicator of strong fundamental demand and a robust market structure.
The Accumulation of Large Investors and Decreasing Exchange Balances Support the Bull Scenario
On-chain analyses reveal that large investors are actively accumulating Ethereum; this is a sign that short-term expectations are positive. According to Lookonchain data, assets like SharpLink Gaming and the 0x1fc7 wallet purchased approximately $10 million worth of ETH in a short time. This accumulation parallels the significant decrease in the amount of ETH on exchanges reported by Glassnode. Decreasing exchange supply typically weakens selling pressure, allowing prices to rise. Crypto analyst Ted notes that Ethereum's past cycles have been shaped by the retesting of critical support levels, with gains of up to 50% in the 2021 cycle. Similarly, Crypto Gems states that Ethereum's current structure is very close to the 2017 cycle and indicates the potential to rise above $5,000 in the upcoming period.
Market Sentiment and the Outlook for Ethereum Investors
Technical indicators, the accumulation of large investors, and decreasing exchange supply come together to create a positive market sentiment around Ethereum. Investors are advised to closely monitor key support points and trading volume trends at this critical stage. Ongoing accumulation by large investors reflects confidence in Ethereum's long-term value proposition; this is supported by ecosystem growth and network upgrades. Although volatility in cryptocurrency markets continues, current technical signals indicate the prospect of a sustainable upward trend. It will be beneficial for traders and investors to plan their entry points and risk management strategies based on this data.
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