EthereumPrice performance in the ongoing bull cycle may lag other notable crypto assets such as BitcoinAnd Solana and XRP, which hit all-time highs. However, optimism about the price prospects remains as evidenced by the continued accumulation of digital assets
Confidence in Ethereum’s growth among investors
Although the Ethereum price is struggling to start a significant rally, encouraging sentiment has been observed among investors. newly, Ethereum investors The accumulation has intensified at a significant rate over the past two weeks.
Kyle Dobbs, technical expert and host of the Crypto Banter Show, shared the development after examining a major new Ethereum backlog metric. Data Kyle Doops reveals an increase in wallet activity, as both small and large investors increased their holdings of ETH.
The expert stated that this trend reflects investors’ stable confidence despite recent market fluctuations. Furthermore, the growing interest indicates a strong belief in ETH’s long-term potential, which is attracting many institutional and retail participants.
The Ethereum network expands and dominates Decentralized Finance (DeFi) Non-fungible token (NFT) sectors may have played a pivotal role in the ongoing accumulation. At the same time, if Accumulation stage Extends, it can serve as a precursor to the next major price movement for the altcoin.
However, the market’s declining performance threatens its uptrend in the short term. Even in the face of market uncertainty, Kyle Dobbs claims that Ethereum’s future looks increasingly promising, demonstrating his optimism about the asset’s potential.
This is also strong investor activity Shown According to Ethereum’s estimated leverage ratio metric, which has been rising for some time. A rise in this key metric indicates increased risk as traders take more trades with high leverage.
The rally in high-leverage positions appears to be on the rise as ETH consolidates between the $3,200 and $3,500 price range. Given the prolonged stagnation within the price range, Kyle Dobbs believes an upward breakout is possible at this point.
However, he urged investors to be cautious as high leverage may cause liquidations and volatility as seen in the past where the development led to volatile price movement for the stock. Alternative currency.
Is there a strong ETH rally on the horizon?
ETH still faces significant challenges Resistance is at $3,500Which increases uncertainty about the next price direction. However, market expert and trader Milkybull expressed confidence in ETH’s prospects, predicting it will move to unprecedented levels.
The analyst is examining the one-month chart of ETH Claims ETH’s infamous rally that will push it to the $12,000 level is gaining steam. His bold forecast is supported by a rising wedge pattern, which is usually honorable Noticeable price increases.
At the time of writing, ETH is trading at $3,381, showing a ~5% rise over the past 24 hours. Investors are betting big on renewed bullish momentum as trading volume has risen more than 60% in the past day.
Featured image from Unsplash, chart from Tradingview.com