Traders Turn Bullish on Ethereum: A Strong AltSeason Appears to be Imminent

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The crypto markets remained more or less still during the previous weekend as the top two tokens maintained a silent trade. With this, the volatility rates drop significantly, suggesting market participants may patiently wait for the cryptos to gain momentum. Meanwhile, the trader’s lookout for Ethereum appears to be changing, as they seem confident of the ETH price rally in the latter part of the year. 

Ethereum has been trading with decent strength and momentum even in times of extended upward pressure. Due to this, the bulls have become robust as the traders mount their confidence in the crypto. In a recent update, a huge outflow from the exchanges has been recorded, which suggests the market participants are bullish on Ethereum and hence do not wish to sell or swap the token. 

The data from Glassnode, shared by an analyst, Ali, displays a huge drop in the balance of Ethereum on the exchanges. In the past three weeks, nearly 510,000 ETH have been withdrawn from the known crypto exchanges, worth approximately $1.22 billion. This significant outflow indicates a strong Ethereum holder sentiment, which may reduce the selling pressure over the token in the coming days. 

What’s Next for the Ethereum Price?

Regardless of the sideways trend in the markets, the ETH price continues to trade within the bullish range. The lower support of the ascending triangle that it is following has been defended very strongly, regardless of the bearish pressures that have tried to mount in the recent past. This suggests the bulls are passive only to accumulate strength and utilise it at the right time.

As mentioned, the ETH price continues to trade within an ascending triangle along the lower support. Despite a drop in volume & volatility, the bulls hold notable dominance, due to which the price could maintain an elevated trend. As the RSI is trading flat but displaying the possibility of undergoing a bullish divergence, the ETH price is speculated to continue with the narrow consolidation and reach the apex followed by a bullish breakout to reach above $2400.