Whales and institutions keep buying Ethereum (ETH).
The ETH/BTC 1-month price chart shows that ETH is a step away from explosion.
All altcoins are expected to go vertical in a strong rapid move.
The crypto community is growing more and more eager for an explosive altseason and all signs are pointing to a gradual ETH and altcoin dominance take over. Presently, analysts are still waiting for BTC to hit higher highs, but as whales and institutions keep buying ETH as the ETH/BTC 1-month price chart depicts that a mighty breakout is just a step away, ETH and altcoins may hit a bullish surge soon.
Whales and Institutions Keep Buying ETH
The price of BTC recently set a new ATH in the $123,000 price range, and despite signs of BTC Dominance weakening over the coming weeks, analysts expect BTC to hit another ATH in the $130,000 price range, with the possibility of hitting higher highs before the ongoing bull cycle ends. Amid the latest surge, the price of ETH finally broke past the $3,100 and is trading at a higher price unlike BTC which fell back to the $117,000 price range.
This is a clear sign of ETH finally outperforming BTC in the ongoing bull cycle. So far, in previous bull cycles, the price of ETH always began to outperform BTC before the start of that cycle’s altseason peak season. The same pattern occurred in 2017 and 2021, meaning that a bullish altseason is on the horizon and analysts expect ETH and altcoin dominance to take over soon.
Another bullish sign for ETH and altcoin prices to explode in the coming weeks ahead is the continuously heavy ETH accumulation from whales and institutions. Since the Q1 dip, ETH whales and institutions like BlackRock have been incessantly accumulating ETH at every opportunity, be it at high or low ETH prices. A sure sign that ETH price will hit much higher highs in the coming weeks, if not days, ahead.
https://twitter.com/lookonchain/status/1945305879257154028
As we can see from the post above, this whale and institutional ETH accumulation has not slowed down despite ETH reclaiming the 3,000 price range. To highlight, the post above shows 3 recent huge ETH buy actions. The first is a 27,806 ETH accumulation worth $85.57 million from FalconX. The second is 68,141 ETH worth $213.8 million, and the final 8,262 ETH worth $25.17 million from Kraken.
ETH/BTC 1-Month Breakout a Step Away From Explosion
https://twitter.com/_Crypflow_/status/1945042789726613534
Another bullish sign in the form of an observation on the ETH/BTC 1-month price chart. As the analyst in the post above explains, the level that kicked off altseason 2021 is being tested again, with the setup looking even better this time. With a bullish cross locked in Stoch RSI and the RSI breaking above long-term MA, the price is pressing into monthly resistance, ready to break out, meaning all altcoins could surge exponentially.
