Crypto: Investors are accumulating Ethereum ahead of the next price surge

As the price of Ethereum oscillates around a crucial level of resistance, savvy investors are seizing this final opportunity to accumulate the crypto before its price potentially soars. Indicators are converging to suggest that a powerful bullish rally could begin shortly.

A crucial resistance level to overcome

The crypto market frequently reserves exceptional opportunities for the most savvy investors. This is precisely what is currently looming on Ethereum (ETH).

Although the crypto is currently experiencing a decline of around 2%, this correction phase could represent the last window to position itself at a lower cost before a potential major rebound, according to recent analyzes.

Indeed, if the price of Ethereum manages to break the key resistance located around $3,700, it could trigger a powerful bullish rally, according to renowned analyst Milkybull. The expert even emphasizes that this price zone could constitute the last window to strengthen ETH at relatively low levels during the current bullish cycle.

Technical indicators seem to corroborate this scenario with signals increasing in favor of strong latent buying pressure. In support of this thesis, the Coinbase Premium Indicator for Ethereum displays a sustained downtrend, suggesting low selling pressure among US investors, often seen as a reliable barometer of upcoming trends.

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Ethereum Positioned for a Major Rally

Driven by a series of favorable factors in 2024, Ethereum has already recorded an impressive gain of almost 67% since the start of the year.

In the wake of these major developments, many analysts now expect dizzying appreciation potential for Ethereum. A target of $6,000 by the beginning of July is regularly mentioned, fueling investors' enthusiasm for this crypto.

CryptoQuant data has also corroborated this underlying bullish dynamic. Between May 23 and June 2, investors withdrew no less than 797,000 ETH, representing a colossal value of $3.02 billion, from the reserves of the main centralized exchange platforms. A strong signal that crypto investors are in a massive accumulation phase.

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