- Ethereum (ETH) sits at a pivotal point of $1,940 that may see its price break out in an upward direction.
- Mounting upward pressure supports this bullish outlook.
- A 4-hour candlestick close above the $2,000 mark could push Ethereum prices to $2,700.
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Buy orders have continually piled up behind Ethereum over the past few days, suggesting a possible price surge.
Ethereum Ready for New All-Time Highs
While Bitcoin prices are up more than 160% from their 2017 peak of nearly $20,000, Ethereum prices have underperformed. Ethereum has been locked in a slow but steady uptrend since mid-January that recently saw it reach a new record high of $1,940.
Despite ETH’s lackluster price action compared to other cryptocurrencies, it seems that momentum is building. ETH prices are roughly 37% higher than they were during their 2018 all-time high.
Charts Suggest Further Gains
Ethereum seems to have created a rising wedge within the 4-hour chart. One trendline can be drawn around the swing highs while another appears to join the swing lows.
This type of technical formation is often considered a reversal pattern, but it might lead to further gains given the market’s momentum. An increase in upward pressure that pushes ETH above the psychological resistance at $2,000 may be significant enough to result in a 33% breakout to $2,700.
Address Distribution Suggest Purchases
When looking at ETH address distribution data, the bullish thesis holds. The number of addresses with 10,000 ETH to 100,000 ETH has risen by more than 9% since the beginning of the year. More than 92 whales with $19.40 million to $194 million worth of Ether in their portfolios have entered the network in this period.
Digital assets management firm Grayscale has also gone into a buying spree, adding more upward pressure to Ethereum. Since early February, the company has substantially increased its holdings…