Ethereum Price Exits 45-Month Pattern Amid Multi-Tiered Demand Surge    

• With an intraday jump of 3.5%, the Ethereum price gives a decisive breakout from the resistance trendline of a symmetrical triangle pattern.
• SharpLink Gaming, the online performance-based marketing company, has recently accumulated another 21,959 ETH to boost its total holding to 543,898 ETH (worth approximately $2.12 billion).
• Since last month, the crypto whales has bought over 1.80 million ETH.

ETH, the native cryptocurrency of the Ethereum blockchain, bounced over 2.6% during Friday’s U.S. market hours to hit an 8-month high of $4,041. Along with renewed recovery sentiment in the broader crypto market, the Ethereum price gained additional momentum with the increasing futures trading, ETF inflows, and rising corporate adoption of ETH. The bullish upswing pushed the price against a multi-year resistance of an accumulation pattern, signaling a potential breakout that could push the top altcoin to a new high.

ETH Climbs to $4,000 Amid Institutional Buying and Futures Spike 

Since last weekend, the Ethereum price has bounced from $3,355 to its current trading value of $3,988, registering an 18.7% surge. The upswing came as a post-correction rally as ETH witnessed active whale accumulation, growing adoption in enterprise finance, and a surge in future trading volume.

According to Coinglass data, ETH futures open interest has jumped from $46.8 billion to $51.6 billion, representing a 10.5% increase since yesterday. This rising OI data indicates that more traders are entering the futures market, indicating the rising interest in Ethereum’s near-term price movement. 

ETH Futures Open Interest | Coinglass

When open interest rises along with price, it typically reflects bullish sentiment as investors are likely adding new long positions in the market in anticipation of further upside. 

Along with retail demand, the corporate adoption of Ethereum is gaining momentum. In a recent tweet, blockchain tracker Lookonchain reported that “Microstrategy of Ethereum,” SharpLink Gaming, bought over 21,959 ETH (worth approximately $85.46 million) some 4 hours before the reporting.

Following the recent acquisition, SharpLink’s current holdings have reached 543,898 ETH (worth approximately $2.12B)

In addition, market analyst Ali Martinez highlighted a steady accumulation from crypto whales, where they accumulated over 1.80 million ETH since last month. 

Whale Activity | Santiment

Together, this multi-tiered demand from retail investors, institutional buyers, and crypto whales is steadily reinforcing ETH’s potential for a strong uptrend towards a new high.

Ethereum Price Exits a 45-Month Accumulation Trend

From July 28th to August 2nd, the Ethereum price witnessed a brief correction from $3,940 to $3,345, registering a 14.8% loss. The pullback came as a broader market correction as the majority of major assets tried to recover the exhausted bullish momentum.

The ETH price managed to bottom its correction at the 23.6% Fibonacci retracement level—a support that has historically been a crucial pullback floor to renew bullish momentum. The bullish rebound pushed the price 21.28% up to reach an eight-month high of $4,060.

Amid the post-correction rally, the coin buyers manage to breach the resistance trendline of a symmetrical triangle pattern. Since November 2021, the coin price has resonated within two converging trendlines of the pattern, driving a long accumulation zone for buyers to build bullish momentum.

It seems the recent pullback was a shakeout before a breakout to remove the weak hands from the market and allow strong holders to gain a long position. If the weekly candle closes above the upper boundary of the pattern, the buyers could utilize the breach level as suitable support for buying.

ETH/USDT – 1d Chart

The post-breakout rally could push the ETH price over 20% to challenge the all-time high resistance at $4,836. However, if the pattern holds true, the coin price could drive an extended rally to $7,900.

Also Read: Chainlink Unveils Strategic Reserve to Fuel Long-Term LINK Accumulation