As the crypto market continues to experience a bullish momentum thanks to the spot Bitcoin exchange-traded fund (ETF) hype, Ethereum (ETH) is riding on this wave since it’s eyeing the $2,400 resistance zone.
Leading on-chain metrics provider Santiment pointed out, “Ethereum has continued working its way back toward its local top resistance level of $2,444 while crypto prices rebound.”
A hodling culture is playing out in the Ethereum network, with non-exchange whales taking center stage.
Santiment acknowledged that non-exchange Ethereum whales were accumulating at a rapid pace compared to their exchange counterparts, whose buying rate was almost at the lowest level since June 2018.
Top analytic firm Spot On Chain echoed Santiment’s sentiments and revealed that a whale spent a whopping $48 million to purchase 21,192 ETH.
Therefore, the accumulation of ETH coins has been playing an instrumental role in triggering an uptrend in the Ethereum network because hodling reduces selling pressure, given that coins are stored for future purposes other than speculation.
Will Ethereum Build Significant Momentum Pre-Halving?
Since Ethereum has not yet found a bottom in the Bitcoin pair, the second-largest cryptocurrency based on market value might erode BTC’s strength before the halving event slated for April this year.
These sentiments were shared by prominent market analyst Michael van de Poppe, and this further paints a bullish picture for Ethereum.
Bitcoin halving is an event that happens around every four years after 210,000 BTC blocks are created, with its essence being reducing the mining rewards by half. Therefore, retrieving Bitcoin becomes difficult, and this is bullish because its value is speculated to increase on the foundation of limited supply.
Meanwhile, key indicators have popped up showing that the next price levels to watch out for Ethereum are $3,830 and $5,100, as reported by ZyCrypto.
ETH was hovering around $2,265 at press time, according to CoinGecko data.
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