Ethereum is signaling a strong recovery as it reclaims its five-year trendline and records historic whale accumulation.
Trendline Recovery
Ethereum has reclaimed its trendline, having tested it multiple times since 2020. Following a brief drop below this key level in early 2024, the asset's price has rebounded, supported by aggressive buying.
Record Whale Accumulation
New data reveals a surge in accumulation from whale addresses, which have absorbed over 6,000 ETH in a short period. This reflects strong confidence from long-term holders, even as the price remains below previous highs.
Long-Term Prospects for Ethereum
Current market activity indicates a trend of significant accumulation, which could signal a new bullish cycle. Long-term holders of Ethereum are showing intent to strengthen their positions amid market uncertainty.
The recent changes in accumulation patterns and recovering trends may indicate a positive outlook for Ethereum in the future.
