Ethereum has seen incredibly strong price movements over the past few days and weeks, with buyers taking full control of the price movements as they hold them above $ 500 for an extended period of time.
The selling pressures seen here have proven to be quite significant as the rally stalled in its tracks as sellers attempt to force it below this key level.
Regardless of where there are mid-term trends, it can largely depend on whether or not it can post a weekly candle near that level that Sunday evening.
Where the next trend emerges depends almost exclusively on its sustained reaction to the new price region into which it is venturing, as a sustained trade surge could open the gates here to achieve significantly further upward momentum in the short term.
One bullish sign of the near-term outlook for crypto is that large wallets have amassed cryptocurrency quickly over the past few weeks.
While she was discussing this trend, an analytics firm stated that ETH’s top 10 wallets were rapidly expanding their position in cryptocurrency.
Ethereum rallies above $ 500 as sellers disappear
At the time of writing, Ethereum is trading almost 8% at its current price of $ 507, a massive increase from the recent lows of $ 470 set around this time yesterday.
The most recent surge in intensity also comes as BTC gets closer to the all-important $ 19,000 level.
BTC’s strength has spanned the entire market, with both ETH and smaller altcoins seeing increases together.
This trend could continue as bulls show no sign that they are loosening control of the market.
Top ETH holders increase their ETH exposure
One trend that undeniably favors bulls is that the top 10 holders of Ethereum have all moved quickly to add to their cryptocurrency risk.
This is also due to the fact that the exchanges are seeing more coin supply, indicating a trend in retail buying.
“Following in BTC’s footsteps, ETH hit a 29-month high of $ 509. June 21, 2018 was the last time the price of the second largest market capitalization asset was this high. The rising top 10 holders of Ethereum coupled with the coin supply on the exchanges fueled this rally. “
Image Courtesy of Santiment.
Next weekend’s trading session should provide some serious insight into Ethereum’s medium-term prospects.
Featured image from Unsplash. ETHUSD pricing data from TradingView.