Summary
TLDR: Ethereum price has surged to new highs in February, approaching a critical resistance zone. ETH holders are accumulating in anticipation of a breach that could lead to a successful bull rally. Despite the price increase, most ETH investors are holding for gains as the supply on exchanges remains steady. However, if ETH fails to break through the resistance zone, a correction could occur due to overbought signals.
Key Points
1. The Ethereum price surged in February to new yearly highs, but ETH holders did not react drastically to this increase.
2. Retail and whale investors have been accumulating ETH in anticipation of breaking a critical resistance zone that has not been challenged since April 2022.
3. The Ethereum price is approaching a resistance zone between $3,582 and $3,829, which has been a significant barrier for ETH for almost three years. Previous attempts to breach this zone have resulted in ATHs for ETH, making it a crucial area for the altcoin.