ETH accumulation trend shows that the price of the asset could be set for a major upside movement. Ethereum was underperforming Bitcoin over the past several days so let’s see in the latest Ethereum news, how the price can behave in the upcoming period.
The weakness in the trend caused the price of the asset to form a bearish market structure against Bitcoin which led many of the analysts to forecast a serious downside in the upcoming days and weeks ahead. The buyers were able to avoid a bloodbath but the strong support at $198 was already defended. This allowed the crypto to increase higher and pushed up against the key resistance level which could soon be shattered. The data regarding the ETH accumulation rates shows that the asset is good a fundamental positioning than many other altcoins which explains that it could be the first altcoin to regain the ground against BTC.
Ethereum was stuck in a bout of consolidation with the lower -$200 level over the past few days. the price action came right when Bitcoin found itself in an approaching higher levels which were previously established in the past two years. One interesting trend to consider is the near-term that the investors seem to have taken the current period of sideways trading as a major opportunity to increase the exposure to the crypto.
According to the new data from the analytics company Santiment, most of the altcoins are seeing investors leaving while Ethereum is seeing an increased rate of accumulation:
“Finding which altcoin will balloon next often comes down to directly comparing what top holders are investing in next behind the curtains. Currently, it appears most alts are selling, while ETH holders are accumulating.”
The development seems to have had a huge impact on the cryptocurrency from a technical perspective. The popular trader named ‘’HornHairs’’ explained that Ethereum is pushing up the resistance level that was visited on a few other occasions over the past week. He noted that this resistance will break soon which will allow ETH to push to the $200 region:
“ETH This level took a beating April 29th and 30th, as well as May 1st. Here we are now, May 8th, testing it another time. Something’s gotta give… my money’s on trend continuation. Bring it home to $250.”
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