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Ethereum is exhibiting a renewed vigor, attempting to climb past the $1,620 mark. Currently, ETH is transacting above this threshold, further bolstered by the 100-hourly Simple Moving Average. A pivotal bullish trend line is emerging, offering support close to the $1,645 region on the hourly graph of the ETH/USD data, as sourced from Kraken. Significantly, Ethereum has set its base above $1,580, echoing Bitcoin’s positive momentum. Although it broke past the $1,650 barrier, its ascension halted just shy of $1,667. Now, Ethereum’s price hovers around the 23.6% Fibonacci retracement level, stemming from a surge that began at $1,583 and peaked at $1,667. Furthermore, Ethereum’s current trade value lies north of $1,640. Moreover, a bullish trend line, anchored near $1,645 on the ETH/USD hourly chart, signifies potential upward momentum. However, challenges await. A Resistance zone near $1,670 looms, with the subsequent major hurdle being the $1,720 mark. Surpassing th...

However, on-chain data shows that the top-tier whale addresses have continued with their ETH accumulation. Over the past five years, Ethereum has witnessed an increase in the size and accumulation of its top 10 addresses, which now hold a larger portion of the total available coin supply. advertisement During this period, the ownership of the top 10 largest addresses has grown from 11.2% to a current 34.6% of Ethereum ($ETH). The added amount of 27.86 million $ETH stands at approximately $51.6 billion, as per the Santiment report. Courtesy: Santiment Ethereum (ETH) Lacks Catalyst As said the Ethereum (ETH) price has been largely following the BTC price movement since the beginning of 2023. Ever since the Merge event in September 2022, ETH has lacked a major catalyst for the price to rally further. Let’s take a look at the technical chart to decide on any further price action for ETH. Between July 14 and August 8, the price of ETH has shown a desce...