Ethereum (ETH) Whale Accumulations Point Towards Gradual Growth
Ethereum (ETH) is once more gaining whole lot of traction in the world of digital currencies as Ethereum (ETH) whale accumulations seem to be on a gradual accumulation path for the first time in the previous two months, according to data offered by Glassnode, a platform providing on-chain market metrics. Furthermore, in the previous few hours, amid the price recovery experienced by digital currency markets, the Ethereum (ETH) price displayed notable gains, overtaking the $2000 mark as of writing.
Ethereum (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 regardless of the constant price flux witnessed by the token in the previous few days. Furthermore, an important trend accompanying the price flux is the sudden rise in non-exchange Ethereum (ETH) balances and the accumulation of ETH.
Ethereum (ETH) Price Evaluation
As of writing, the Ethereum (ETH) price was marginally up by 3.65%, reaching $2,025.38 as of today. Furthermore, the twenty-four-hour volume of trading likewise 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 over the critical threshold of $2,000, Ethereum (ETH) 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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