Ethereum

Render

Resistance

Million

Trillion

<p>Trusted crypto analyst Ali recently highlighted compelling on-chain evidence bolstering the case for an Ethereum upswing. <a href="https://twitter.com/ali_charts/status/1727992448499028418?t=DoKO34MI6xcVhLzlrigHbg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">According to Ali,</a> Ethereum managed to overcome vital resistance between $1,982 and $2,044 – a zone seeing 1.67 million wallets scoop up 38.7 million ETH.</p>
<p><strong>Conquering Crucial Hurdle</strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="372" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-1024x372.png" alt="" class="wp-image-384227" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-1024x372.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-300x109.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-768x279.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-1536x558.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-2048x744.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-413x150.png 413w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-100x36.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-963x350.png 963w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667-788x286.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-667.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>This massive absorption effectively neutralized a stubborn barrier that has repeatedly rejected and drawn selling pressure since September. However, Ethereum’s ability to reclaim this territory despite macro weakness signifies resolute bull momentum.</p>
<p>Essentially, the buying influx indicates strong conviction that approaching yearly highs are imminent. Ali further notes minimal remaining resistance overhead alongside solid support below – perfect conditions to facilitate an extended leg up.</p>
<p><strong>Historical Precedents</strong></p>
<p>Moreover, from a technical perspective, emerging chart patterns mimic previous breakthrough ascents. As <a href="https://twitter.com/el_crypto_prof/status/1727991464221704513?t=F-74j40pES_KMRJ1QgDJdQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">another analyst points out</a>, Ethereum echoes triangular consolidation structures that ultimately gave way to spectacular upside moves back in 2020.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="526" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-1024x526.png" alt="" class="wp-image-384236" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-1024x526.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-300x154.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-768x394.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-1536x788.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-2048x1051.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-292x150.png 292w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-100x51.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-682x350.png 682w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668-788x404.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-668.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Given these signals, analytics and activity seem aligned for Ethereum liftoff as critical zones get reclaimed. With buyers stepping up aggressively, bearish exhaustion becomes increasingly apparent.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/7-ways-chainlink-link-solves-inefficiencies-and-fraud-issues-in-the-30-trillion-global-trade-industry/" target="_blank" rel="noopener noreferrer nofollow">7 Ways Chainlink (LINK) Solves Inefficiencies and Fraud Issues in the $30 Trillion Global Trade Industry</a></li>
 <li><a href="https://captainaltcoin.com/kaspa-render-dione-and-these-7-cryptos-are-the-most-promising-crypto-projects-in-the-world-expert/" target="_blank" rel="noopener noreferrer nofollow">Kaspa, Render Network, Dione, and These 7 Cryptos Are the Most Promising Projects in the World – Expert</a></li>
 <li><a href="https://captainaltcoin.com/ali-martinez-bullish-outlook-on-ethereum-traders-pick-tron-and-everlodge-for-high-roi/" target="_blank" rel="noopener noreferrer nofollow">Ali Martinez Bullish Outlook on Ethereum – Traders Pick TRON and Everlodge for High ROI</a></li>
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<p>Of course, just like previous cyclic bull markets, any decisive Ethereum breakout would likely bolster altcoins globally. If historical fractals hold, Ethereum may well sit igniting rockets across crypto to kickstart another monumental bull run.</p>
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<p>The post <a href="https://captainaltcoin.com/ethereum-positions-to-reach-yearly-highs-as-1-6-million-wallet-purchases-push-price-above-major-resistance/" rel="noopener noreferrer nofollow">Ethereum Positions to Reach Yearly Highs as 1.6 Million ETH Wallet Purchases Push Price Above Major Resistance</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ethereum Positions to Reach Yearly Highs as 1.6 Million ETH Wallet Purchases Push Price Above Major Resistance

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