Ethereum price has crossed above $1,900 for the first time in eight months on Wednesday morning, trading to intraday highs of $1,920 across major exchanges. The bullish move has ETH trading towards the psychological price level of $2,000 โ which was last visited in mid-August 2022.
Ethereum price breaks above $1.9kAccording to crypto market intelligence platform Santiment, Ethereumโs latest price move comes amid a period of intense accumulation by sharks.
On-chain data shows Ethereum wallets holding 100-100,000 ETH have added more than 2.27 million Ether coins to their portfolios in the past nine months, accumulating a total of $4.24 billion worth of the token in that period.
๐ฆ๐ #Ethereum jumped back over $1,870 today for the first time since August 17, 2022. This near 8-month high comes as sharks have been accumulating steadily since last summer. Addresses holding 100-10k $ETH have accumulated $4.24B in the past 9 months. https://t.co/leyQqlbvED pic.twitter.com/b5YazPfSO5
โ Santiment (@santimentfeed) April 4, 2023ETH sharks have been busy since last summer, Santiment analysts pointed out on Tuesday as ETH/USD crossed back above $1,870 for the first time since trading lower in August 2022.
Indeed, after losing support at $1,835 on 17 August, Ethereum prices dropped more than 15% in two days to touch lows of $1,603. A 40%+ dump after the FTX debacle had seen ETH prices fall to lows of $1,071 in November (TradingView data on crypto exchange Bitstamp).
On-chain data shared by Glassnode also shows more buying pressure from small holders. On 5 April, the number of addresses holding 0.01+ coins hit an all-time high of 23,558,464.
๐ #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 23,558,464
Previous ATH of 23,556,835 was observed on 04 April 2023
View metric:https://t.co/XXb0u19ouH pic.twitter.com/zHceIghX3L
Ethereum is poised for a bullish breakout in the short term if the buyers breach the supply wall expected around $2,000. The daily RSI is not overextended yet even as it trends towards the overbought territory.
According to pseudonymous crypto trader and analyst HornHairs, ETH/USD only has one higher time frame resistance before โthin airโ โ suggesting a major breakout ahead of the highly anticipated Shanghai upgrade.
The analyst also says ETH/BTC looks strong.
$ETH
Bullish 2D close here above resistance. As long as it stays above Monday's high at $1840 then it looks good to push higher.
Only one HTF resistance level left before thin air. ETH/BTC looks strong still as well. pic.twitter.com/HVW2YMxHX3
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