Ethereum (ETH) seeks to follow in Bitcoin’s footsteps as the second-largest cryptocurrency based on market value, and it is showing heightened efforts to soar to a new all-time high (ATH).
Calling out this development, on-chain metrics provider Globe of Crypto pointed out, “Forming an ascending triangle in 1WTF. Breakout can provide a massive bullish rally towards $5500 – $6000 in coming weeks.”
Based on this analysis, Ethereum will have to breach major resistance at the $3,600 zone if this prediction is to be realized. It will hit a new ATH since it stood at $4,800 in November 2021.
According to CoinGecko data, Ethereum is enjoying a monthly surge of 18.7%, based on its current price of $3,061.
Thanks to a Trump-instigated rally, Bitcoin has been on a rollercoaster ride of hitting historical highs since the apex cryptocurrency surged to the $93,477 level a couple of days ago.
Therefore, time will tell whether Ethereum will borrow a leaf from Bitcoin when it comes to hitting ATHs.
Ethereum Whales Show Heightened Accumulation
Whales are leading the price charge in the Ethereum ecosystem thanks to heightened buying pressure.
According to renowned market analyst Ali Martinez, this is because whales have amassed more than 430,000 ETH worth at least $1.4 billion in the past two weeks.
The heightened demand is a welcome move because it paints a bullish Ethereum picture.
Leading crypto analytic firm IntoTheBlock added, “Ethereum whales are waking up, with the daily count of large transactions surpassing 10,000—the highest level since August.”
Therefore, Ethereum is witnessing intensified whale activity. An ancient ETH whale recently made an 800% return after bagging more than $30 million amid bullish market sentiments.