Ethereum is regaining momentum, reaching prices not seen since late February after tagging the $2,739 level. This rally marks a strong comeback for ETH, which has been under significant pressure earlier this year.
Analysts are calling for a potential altseason, fueled by Ethereum's relative strength against Bitcoin and growing investor confidence. Ethereum has gained over 50% in value since last week, reigniting hopes for an altseason.
Data from Sentora reveals that $1.2 billion worth of ETH has been withdrawn from centralized exchanges over the past seven days. This suggests continued accumulation and reduced sell-side pressure, strong signals for long-term bullish momentum.
Ethereum is now holding firmly above the $2,600 mark. 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.
If accumulation trends persist and bulls hold key levels, Ethereum's path toward $3,100 could open the door to a broader market rally.
This article is based on our author's analysis of materials taken from the following resources: Sentora.