Red envelope in the pinned comment and also in the account in the pinned post. Limited quantity.
Ethereum (ETH) has been struggling to break the resistance at $2,698 for over six weeks, with repeated failed attempts to secure a higher close. This level has kept the altcoin in a consolidation phase, preventing it from making further gains.
However, market participants are expecting October to see a turnaround for Ethereum, which could pave the way for a major rally towards $3,000.
Ethereum is on track to rise
Sentiment around Ethereum is remarkably bullish, especially among large investors. Over the past month, addresses holding between 100,000 and 1 million ETH have accumulated over 600,000 ETH, worth over $1.57 billion. This accumulation has pushed their total holdings to a three-month high, indicating strong confidence in the potential for price appreciation.
These large investors, often referred to as whales, are often seen as market movers. Their increasing holdings suggest that they expect Ethereum to emerge from its current consolidation. If this pattern continues, their influence could be a significant factor in ETH’s ability to rally above its current resistance.
Ethereum’s overall momentum also supports the possibility of a rally. The Relative Strength Index (RSI), a key technical indicator, is hovering in the bullish zone but is still far from the overbought zone. This suggests that while ETH is seeing positive momentum, there is still room for further growth without causing a correction.
Additionally, the RSI is well above the neutral line, further reinforcing Ethereum’s potential to move higher. With no immediate signs of the market overheating, ETH is positioned to continue its upward trajectory if conditions remain favorable.