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

As the price of Ethereum oscillates around a crucial resistance level, savvy investors are seizing this last opportunity to accumulate the crypto before a potential surge in its price. Indicators converge to suggest that a powerful bullish rally could start soon.

A crucial resistance level to overcome

The crypto market frequently offers exceptional opportunities to the most astute investors. This is precisely what is currently unfolding with Ethereum (ETH).

Although the crypto is currently experiencing a pullback of around 2%, this correction phase could represent the last window to position oneself at a lower cost before a potential major rebound, according to the latest analyses.

Indeed, if Ethereum’s price manages to break through the key resistance around $3,700, it could trigger a powerful bullish rally, according to renowned analyst Milkybull. The expert even points out that this price zone could constitute the last opportunity to strengthen one’s position in ETH at relatively low levels during the current bullish cycle.

Technical indicators seem to corroborate this scenario with signals increasingly supporting a strong latent buying pressure. Supporting this thesis, the Coinbase Premium indicator for Ethereum shows a sustained bearish trend, suggesting low selling pressure among American investors, often considered a reliable barometer of upcoming trends.

Ethereum positions itself for a major rally

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

In the wake of these major developments, many analysts now expect a dizzying potential appreciation for Ethereum. A target of $6,000 by early July is frequently mentioned, fueling investor 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 major centralized exchange platforms. A strong signal indicating that crypto investors are in a phase of massive accumulation.