Ethereum is gaining momentum again after tagging the $2,739 level and setting a new local high, reaching prices not seen since late February. The rally marks a strong comeback for ETH, which has been under significant pressure earlier this year. Now, bulls appear firmly in control as the broader crypto market wakes up and capital flows return to altcoins.

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Analysts are calling for a potential altseason, fueled by Ethereum’s relative strength against Bitcoin and growing investor confidence. As Bitcoin consolidates near all-time highs, Ethereum has taken the opportunity to outperform, pushing up through key resistance levels with conviction.

Supporting this narrative, data from Sentora (formerly IntoTheBlock) reveals that $1.2 billion worth of ETH has been withdrawn from centralized exchanges over the past seven days. This sustained trend of net outflows suggests continued accumulation and reduced sell-side pressure, both strong signals for long-term bullish momentum.

With price action heating up and investor sentiment shifting, Ethereum could be preparing for a major breakout. If bulls maintain control, the $3,000–$3,100 region may be tested in the coming days as the next major resistance zone. All eyes are now on ETH as the altcoin market shows signs of life.

Ethereum Builds Momentum As Exchange Outflows Signal Accumulation

Ethereum is trading above critical levels as speculation of a sustained rally continues to grow. After weeks of sluggish movement, ETH has roared back to life, gaining over 50% in value since last week. This sharp move to the upside has reignited hopes for an altseason, with many analysts viewing Ethereum’s breakout as the potential trigger for broader altcoin market strength.

Ethereum is now holding firmly above the $2,600 mark, a level that had acted as strong resistance for months. This breakout, coupled with increasing momentum against Bitcoin, suggests bulls are regaining control. Traders are closely watching the next major resistance zone between $2,900 and $3,100, which could serve as a key test for Ethereum’s uptrend.

Adding to the bullish case, data from Sentora reveals that $1.2 billion worth of ETH has been withdrawn from centralized exchanges over the past 7 days. This trend has intensified since early May, pointing to increased investor accumulation and reduced sell-side pressure. Large exchange outflows are often seen as a sign that holders intend to store ETH off-exchange, decreasing immediate supply and supporting upward price movement.

With market sentiment turning bullish and Ethereum leading the charge, all eyes are now on whether ETH can maintain its momentum and drive the altcoin market into a new growth phase. If accumulation trends persist and bulls hold key levels, Ethereum’s path toward $3,100 could open the door to a broader market rally.

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Price Action Details: ETH Testing Key Levels

Ethereum’s weekly chart shows a powerful breakout after weeks of bearish pressure, with ETH now trading around $2,599.14. The recent surge pushed the price above both the 200-week EMA ($2,259.65) and the 200-week SMA ($2,451.55), two critical long-term trend indicators. Reclaiming these levels signals renewed bullish momentum and a strong shift in sentiment.

The breakout candle itself is one of the largest weekly green candles in over a year, reflecting a sharp influx of buyer interest and potentially marking a key reversal point after months of downside. Notably, this move brings ETH to levels not seen since February, with the local high for the week reaching $2,739.05.

Volume has increased significantly during this move, confirming the strength behind the rally. However, Ethereum now faces overhead resistance near $2,800–$2,900, a zone that previously acted as support during early 2024 before the breakdown. If bulls maintain momentum and close this week above $2,600, it could open the door for a test of the $3,100 resistance zone.

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On the downside, the key support to watch is around $2,450, aligned with the 200-week SMA. A failure to hold that level could invite a retest of $2,250. For now, the trend is bullish, but follow-through next week will be crucial.

Featured image from Dall-E, chart from TradingView

Chainlink (LINK) is currently trading below crucial resistance levels, which could trigger a strong rally if bulls manage to reclaim them. However, volatility and uncertainty have dominated the market since the start of the month, keeping LINK’s price action unstable.

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The token has seen wild price swings, moving from $17 down to $13, briefly rebounding to $16, and then collapsing to a low of $11.8. Bulls are now fighting to push LINK back above the $15 mark, but momentum remains weak, and the market appears to be consolidating around current levels.

Despite this uncertainty, on-chain data is showing promising signs. Metrics from Santiment reveal that 640,000 LINK were pulled off exchanges in the last 24 hours, which is typically a bullish signal. Large withdrawals from exchanges often indicate long-term accumulation, as investors move their holdings into private wallets instead of keeping them available for immediate selling.

With exchange outflows rising, traders are watching closely to see if LINK can break through resistance levels and confirm a shift toward bullish momentum. The next few trading sessions will be key in determining whether LINK can recover or if further consolidation is ahead.

Uncertainty Looms As Investors Watch For A Breakout

Chainlink is currently holding above the $13.5 mark, struggling to reclaim higher levels as selling pressure and market uncertainty persist. Despite its recent recovery attempts, LINK remains stuck below key resistance, making investors cautious about its short-term direction.

Analysts and traders are concerned about a potential drop below the current range, as on-chain metrics suggest a distribution phase may be unfolding. If LINK fails to hold its support zone, it could see renewed selling pressure, sending the price toward lower demand levels.

However, not all signals are bearish. Crypto expert Ali Martinez shared Santiment data on X, revealing that 640,000 LINK were pulled off exchanges in the last 24 hours. This is often seen as a bullish indicator, as large investors typically withdraw their holdings from exchanges when they anticipate higher prices in the future.

When whales and long-term holders accumulate, it reduces selling pressure on the market and strengthens price stability. If LINK manages to break key resistance levels, this accumulation trend could set the stage for a strong recovery rally.

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For now, bulls must defend the $13.5 support and push LINK above the $15 mark to confirm a bullish trend reversal. The next few days will be critical as investors watch for a breakout or further downside movement.

Chainlink Bulls Defend Key Support Levels

Chainlink (LINK) is currently trading at $14, facing resistance at the $15 level as bulls struggle to reclaim higher ground. The market remains under pressure, and LINK must hold current levels to avoid a deeper correction.

For a recovery rally to take shape, bulls need to defend the $13 support zone and build momentum toward a breakout above $15. If LINK successfully pushes past this resistance, the next major target is the $17 level, where it must reclaim the 200-day moving average (MA) and the exponential moving average (EMA) to confirm a bullish trend reversal.

However, if LINK fails to hold its current support levels, selling pressure could intensify, driving the price toward the $10 range or even lower levels. This would put LINK in a deeper downtrend, making a short-term recovery more difficult.

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With market conditions still uncertain, the next few trading sessions will be crucial in determining whether LINK can stabilize and recover or face further downside risks. Bulls must step in soon to regain control and push prices back into an uptrend.

Featured image from Dall-E, chart from TradingView

A closely followed crypto strategist says investors are heavily accumulating the top layer-1 platform Ethereum (ETH).

Trader Ali Martinez tells his 125,900 followers on the social media platform X that crypto investors have taken out almost 1 million ETH tokens from digital asset exchanges in a little over a week.

“More than 900,000 Ethereum ETH have been withdrawn from exchanges in [10 days], signaling increased accumulation and reduced sell pressure!”

With Ethereum trading at $2,731 at time of writing, the 900,000 ETH tokens are worth over $2.457 billion.

Looking at ETH whale activity, Martinez says the deep-pocketed investors gobbled up over $764.68 million worth of Ethereum in just three days.

“Whales bought 280,000 Ethereum ETH in [72 hours]!”

Amid the heavy accumulation of ETH, Martinez says Ethereum is flashing a bullish technical signal based on the Tom DeMark (TD) Sequential indicator—a metric used to measure potential points of reversal for an asset. The trader also notes that ETH is showing the signal while it hovers close to the diagonal support of an ascending channel, a pattern suggesting that an asset is in an uptrend.

“Each time the TD Sequential indicator flashes a buy signal on the Ethereum ETH weekly chart near the lower boundary of this channel, prices have historically rebounded strongly. A similar setup could be unfolding now!”

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Ethereum has been struggling to reclaim the $2,800 mark as support, leaving investors uncertain about the short-term direction of its price. The second-largest cryptocurrency has been unable to start a recovery rally, with analysts increasingly calling for a bearish continuation. The negative sentiment has been fueled by Ethereum’s underwhelming performance compared to market expectations, keeping the price range bound below key supply levels.

Despite the pessimism, some investors remain hopeful that Ethereum could enter a recovery phase soon. A potential rebound could emerge as the market begins to find stability. Adding to the optimism, top analyst Ali Martinez shared key metrics revealing a significant development: more than 900,000 Ethereum have been withdrawn from exchanges in the past 10 days. This trend signals increased accumulation by larger players and reduced sell pressure, suggesting that investors may be preparing for a potential rally.

The substantial withdrawal of ETH from exchanges could indicate growing confidence among long-term holders, even amid short-term price struggles. As ETH continues to consolidate below the $2,800 mark, the next few days will be critical for determining whether it can reverse its bearish trend or face further downside. Investors are watching closely to see if ETH can turn the tide and reclaim higher levels.

Ethereum Metrics Signal Strong Accumulation

Ethereum is grappling with significant volatility as it consolidates below the $2,800 mark, a crucial level that bulls need to reclaim to initiate a recovery rally. Sentiment in the market remains divided, with retail investors fearing further downside while some analysts anticipate an aggressive rally in the coming months. Ethereum appears to be at a pivotal phase in this cycle, struggling to gain momentum like Bitcoin, which has shown relative strength.

Martinez has shared key data shedding light on Ethereum’s current dynamics. Over the past 10 days, more than 900,000 Ethereum have been withdrawn from exchanges, signaling increased accumulation by larger players and reduced sell pressure. This trend suggests that institutional and long-term investors may be preparing for a potential upward move, even as retail participants grow more cautious.

The past few weeks have been challenging for Ethereum holders. Last week’s dramatic sell-off saw ETH plummet from $3,150 to $2,150 in less than two days. While the price has since recovered into the $2,600-$2,700 range, ETH has struggled to break through key supply levels and regain its footing above $2,800.

As Ethereum consolidates at current levels, the next few days will be critical. If bulls manage to reclaim the $2,800 mark and push higher, it could signal the start of a new bullish phase. Conversely, failure to break above these levels could result in prolonged consolidation or even further downside, adding to the uncertainty. Investors and analysts alike are closely watching the market, waiting to see if Ethereum can break free from its bearish grip and chart a path to recovery.

Price Testing Supply Level

Ethereum is trading at $2,720 after days of sideways trading and indecision. The market appears stuck in a phase of speculation, with sentiment sharply divided regarding short-term price direction. Investors are waiting for a clear signal as ETH consolidates below critical resistance levels.

For Ethereum to confirm a recovery uptrend, bulls need to reclaim the $2,800 mark as support and push the price above the psychological $3,000 level. Breaking through these levels would signal bullish momentum and set the stage for a rally toward higher supply zones. The $3,000 level also aligns with the 200-day moving average, a key indicator of long-term trend direction. A sustained move above this level would bring renewed optimism to the market.

However, the risk of further downside remains. If Ethereum fails to reclaim the $2,800 level, the price could retrace to lower demand zones around $2,500. This scenario would likely amplify bearish sentiment and prolong the current period of uncertainty. With sentiment divided and the broader crypto market showing mixed signals, Ethereum’s next move will likely set the tone for its performance in the weeks to come. Both bulls and bears are eyeing the $2,800 mark as a critical inflection point for the second-largest cryptocurrency.

Featured image from Dall-E, chart from TradingView