ETH Whale Accumulations Point Towards Gradual Growth
Ethereum is once again gaining significant traction in the world of cryptocurrencies as ETH whale accumulations appear to be on a gradual accumulation path for the first time over the past two months, according to data offered by Glassnode, a platform providing on-chain market metrics. Furthermore, over the past few hours, amid the price recovery experienced by cryptocurrency markets, the ETH price displayed notable gains, overtaking the $2000 mark as of writing.
ETH On-Chain Metrics: A Closer Look
Notably, the on-chain data highlighted by a leading analyst aligns with an optimistic perspective of Ethereum’s price despite the constant price flux witnessed by the token over the past few days. Furthermore, an important trend accompanying the price flux is the sudden rise in non-exchange Ethereum balances and the accumulation of ETH.
ETH Price Evaluation
As of writing, the Ethereum price was marginally up by 3.65%, reaching $2,025.38 as of today. Furthermore, the twenty-four-hour trading volume also witnessed a substantial increase of 34.53% and stood at $9.80 billion while writing.
Hot Take: Ethereum’s Impending Breakout
If the bulls succeed in maintaining the price above the crucial threshold of $2,000, Ethereum might recover, gain momentum, and position itself for an impending breakout from its symmetrical triangle pattern. A successful breakout could propel the coin to challenge its resistance at $2,190 in the coming future.
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