Ethereum is showing strong upward momentum, sparking expectations of a new cycle for altcoins. Recent data indicates that ETH/BTC is moving above key moving averages.
Ethereum vs Bitcoin Movements
The ETH/BTC pair broke resistance around 0.038 BTC and is climbing toward 0.041 BTC. This setup resembles the conditions seen in August 2021 when Ethereum's breakout triggered significant altcoin rallies. The Relative Strength Index (RSI) suggests sustained bullish strength, indicating more potential upward movement.
Whales Accumulate 500,000 ETH
According to Santiment, whales accumulated 500,000 ETH within 48 hours, coinciding with Ethereum's recent price surge. Analysts note that such aggressive accumulation often precedes major price increases. The rise in large wallet holdings illustrates strong institutional demand in the market.
Tom Lee's $45 Million Ethereum Purchase
Reports indicate that Tom Lee purchased $45 million worth of Ethereum, emphasizing growing institutional confidence. Data revealed two transfers from FalconX to Bitmine, totaling nearly 9,600 ETH. This significant acquisition reinforces bullish sentiments surrounding Ethereum.
These developments reflect growing optimism around Ethereum and the potential for a new altcoin cycle. Analyses of current data suggest the market may be gearing up for a rally.
