Ethereum has seen some incredibly strong price action throughout the past few days and weeks, with buyers taking full control of its price action as they hold it above $500 for an extended period of time.
The selling pressure seen here has proven to be quite significant, as its rally has halted in its tracks as sellers move to force it below this key level.
That being said, where it trends in the mid-term may depend largely on whether or not it can post a weekly candle close above this level this Sunday evening.
Where it trends next will depend almost entirely on its continued reaction to the new price region it is venturing into, as a sustained bout of trading here could open the gates for it to see significantly further upwards momentum in the near-term.
One bullish sign for the crypto’s near-term outlook is that large wallets have been rapidly accumulating the cryptocurrency throughout the past few weeks.
While speaking about this trend, one analytics firm explained that ETH’s top-10 wallets have been rapidly increasing their positions in the cryptocurrency.
Ethereum Rallies Past $500 as Sellers Disappear
At the time of writing, Ethereum is trading up nearly 8% at its current price of $507, which marks a massive rise from its recent lows of $470 set around this time yesterday.
The recent upswing intensity also comes as BTC inches closer and closer to the key $19,000 level.
The strength seen by BTC has spanned across the entire market, with ETH and smaller altcoins alike all pushing higher in tandem.
This trend may persist, as bulls show no signs of loosening up their control over the market.
Top ETH Holders Start Increasing Their ETH Exposure
One trend that undeniably favors bulls is that the top-10 Ethereum holders have all been rapidly moving to increase their cryptocurrency exposure.
This also comes as exchanges see a higher coin supply, pointing to a trend of retail buying.
“Following in BTC’s footsteps, ETH has hit a 29-month high of $509. June 21, 2018 was the last time the price was this high for the #2 market cap asset. Ethereum’s top 10 holders rising, combined with coin supply on exchanges, have fueled this rally.”
Image Courtesy of Santiment.
The coming weekend trading session should provide some serious insights into Ethereum’s mid-term outlook.
Featured image from Unsplash. ETHUSD pricing data from TradingView.
