Ethereum Positions to Reach Yearly Highs as 1.6 Million ETH Wallet Purchases Push Price Above Major Resistance
Trusted crypto analyst Ali recently highlighted compelling on-chain evidence bolstering the case for an Ethereum upswing. According to Ali, Ethereum managed to overcome vital resistance between $1,982 and $2,044 – a zone seeing 1.67 million wallets scoop up 38.7 million ETH.
Conquering Crucial Hurdle
This massive absorption effectively neutralized a stubborn barrier that has repeatedly rejected and drawn selling pressure since September. However, Ethereum’s ability to reclaim this territory despite macro weakness signifies resolute bull momentum.
Essentially, the buying influx indicates strong conviction that approaching yearly highs are imminent. Ali further notes minimal remaining resistance overhead alongside solid support below – perfect conditions to facilitate an extended leg up.
Historical Precedents
Moreover, from a technical perspective, emerging chart patterns mimic previous breakthrough ascents. As another analyst points out, Ethereum echoes triangular consolidation structures that ultimately gave way to spectacular upside moves back in 2020.
Given these signals, analytics and activity seem aligned for Ethereum liftoff as critical zones get reclaimed. With buyers stepping up aggressively, bearish exhaustion becomes increasingly apparent.
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Of course, just like previous cyclic bull markets, any decisive Ethereum breakout would likely bolster altcoins globally. If historical fractals hold, Ethereum may well sit igniting rockets across crypto to kickstart another monumental bull run.
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