This movement also comes close on the heels of news regarding data that suggests whales are currently in the process of accumulating ETH, which is a sign that influential investors believe its mid-term prospects are bright.
Further adding to this bull-favoring sign is the fact that one top trader is noting that the crypto is currently on the cusp of seeing a massive parabolic rally due to it having “the most bullish chart” of all major cryptocurrencies.
Ethereum Breaks Above $230 Amidst Widespread Crypto Market Recovery
At the time of writing, Ethereum is trading is trading up just under 4% at its current price of $230, which marks a notable climb from daily lows of $220 that were set yesterday.
Today’s upwards movement marks a bullish resolution to the bout of sideways trading that the market was subjected to throughout the past several days, although it is imperative that bulls maintain their momentum if they want the crypto to post further gains.
This movement was first sparked when Bitcoin pushed up against its key resistance around $8,900 overnight, with its break above this level allowing the markets to see a notable relief rally.
As reported by NewsBTC yesterday, recently released data from analytics firm Santiment shows that the top 100 ETH holders have been heavily accumulating the cryptocurrency.
Although this isn’t explicitly a bullish sign, it is a historically followed by mid-to-long term uptrends, with the heavy buying pressure bolstering the cryptocurrency’s technical strength.
This Chart Suggests ETH Could Soon Go Parabolic
Galaxy, a popular cryptocurrency trader on Twitter, explained in a recent tweet that he believes Ethereum has the “most bullish chart” of all the major cryptocurrencies, with its ongoing break above a multi-year descending resistance against its BTC trading pair potentially sparking a parabolic uptrend.
“Simply the most bullish chart out of all the major cryptocurrencies,” he concisely noted.
Simply the most bullish chart out of all the major cryptocurrencies.
The pump will be televised.$ETH pic.twitter.com/c8rRb3w43h
— Galaxy (@galaxyBTC) March 5, 2020
If Ethereum does sustain a break above this level, the cryptocurrency could be in for an intense rally like the one seen against its Bitcoin trading pair in mid-2017.
The days and weeks ahead should provide analysts with valuable insights into where the cryptocurrency is heading next, as ETH’s price action will likely be somewhat dependent on that of Bitcoin.
Featured image from Shutterstock.