Ether is currently testing the $2,400 level, driven by the addition of 246,000 ETH to accumulation wallets. This increase in holdings is pushing demand, hinting at a potential rise to $3,500 soon.
On-chain data shows that the growth in accumulation wallets is contributing to upward price pressure. With more investors demonstrating confidence in Ether's future, the demand surge is setting the stage for further price jumps.
From a technical perspective, Ether's price is forming a solid base at $2,400, with resistance around $2,800 and a target set towards $3,500. The consolidation phase has strengthened the bullish trend.
Traders are positioning themselves for potential gains, with stop-loss placements just below $2,300 to manage risk. The upward trajectory offers enticing risk-reward opportunities, especially for those eyeing the $3,500 target.
In the macro environment, ongoing regulatory clarity in several regions is creating a favorable backdrop for Ether. The developments have encouraged institutional investors to increase their exposure.
Despite the positive outlook, traders should be wary of potential pullbacks. Market dynamics could shift, especially if regulatory developments take an unexpected turn, impacting Ether's price trajectory.