ETH Price Nears Breakout Past Critical Resistance Level
Ethereum's price has been steadily increasing over the past two weeks, and it seems that the asset is on the verge of breaking out past a critical resistance level. According to data from CryptoQuant, Ethereum exchange reserves have been dwindling, indicating ongoing accumulation.
The Coinbase Premium Index, which measures demand from U.S.-based investors compared to demand on Binance, was close to zero but not yet in positive territory. Historically, strongly positive readings of this index have accompanied prominent ETH bull runs.
Alphractal's data shows that the current Ethereum investor price is around $1,700, which has been a major accumulation zone in the past. The chart indicates that touches or dips below this level have often led to decisive rallies and strong buying pressure.
The spot taker CVD measures the 90-day cumulative difference between taker buy and sell volumes, and it's showing aggressive demand for Ethereum. Institutional demand is also on the rise.