Bybit has intensified its Ethereum purchases, signaling growing institutional interest and potential price breakout.
Bybit's ETH Purchases and Institutional Activity
Bybit has increased its Ethereum accumulation, sparking speculation about a potential price breakout. According to Wu Blockchain, Bybit’s suspected address recently received 100 million USDT. Shortly after, 50 million USDT was sent to the OTC addresses of Galaxy Digital and FalconX, resulting in a total acquisition and deposit of 36,900 ETH. Another 17,500 ETH was bought from Galaxy Digital. Significant activity is also noted from an unmarked institutional address actively engaging in OTC transactions with Bybit, indicating growing institutional involvement.
Ethereum Price Action and Technical Outlook
Ethereum is currently trading within an ascending triangle pattern, with a resistance level near $2,850. Historically, the price has tested this support multiple times before rallying towards resistance. A breakout above the current level could lead to further gains.
Market Sentiment and Future Implications
Ethereum's overall trend remains positive. If the price sustains support and breaks above $2,850, bullish momentum could continue. However, failure to hold the key support level might lead to a retest of lower levels.
Bybit's collaborative efforts and active institutional participation suggest a positive market sentiment for Ethereum, indicating potential for price growth.
