Ethereum price rallies nearly 20% in two days as whale accumulation triggers Crypto Season

Ethereum price has rallied nearly 20% in two days.
A massive influx of volume was seen on the Volume Profile Indicator while Whales accumulation of Ethereum tokens hits all-time highs.
Invalidation of the bullish thesis is a breach below $1450.

Ethereum price stuns the market as an impressive bullrun unfolds. Key levels have been defined to gauge the strength of the bulls.

Ethereum price takes off

Ethereum price has rallied impressively during the final week of October. On October 25, the decentralized smart contract token saw a massive influx of buying pressure. The bullish surge raised the ETH price by 16% in two days. Now the next question is how long will the newfound bull run last?

Ethereum price auctions at $1,588. The surging rallies' move was catalyzed by a subtle divergence on the Relative Strength Index between October 13 and 20. On October 23, the bulls breached the 8-day exponential moving average (EMA) and 21-day simple moving average (SMA). By October 24, the 8-day EMA retracement occurred just before the 20% rally commenced.

ETH/USDT 4-Hour Chart

On October 21, FXStreet’s Crypto News Coverage reported a significant accumulation signal that hinted at the imminent bull run. According to Ekta Mourya, $3.5 million ETH was scooped up in a few transactions creating a "14% increase in Ethereum holdings of whales with a billion dollar portfolio. The cumulative holdings of whale wallets hit an all-time high balance of 28.55 million ETH."

Based on the technical and on-chain analysis, the bullish frenzy should not be underestimated. The next bullish targets lie in liquidity zones between $1,600 and $1,680.

The uptrend invalidation level could be below Wednesday's bullish engulfing candle at $1,450. A breach of the candle low could signal a deeper retracement underway. If the invalidation level is tagged, the bears could re-route south, targeting recently broken resistance at $1,400. Such a move would result in a 17% decline from the current Ethereum price.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.