Ethereum (ETH) is gaining bullish momentum as strong accumulation signals erupt in the market, leading to a potential breakout. While Ethereum has recently been trading in the $2,500 range as of Saturday, July 5, it has been stuck in an increasingly tight range since its May peak.

Ethereum’s accumulation and distribution indicator is currently at its highest level this year, suggesting robust buying momentum. At the same time, Ethereum’s staking ratio has reached an all-time high of 29.45%, a staking market cap of almost $90 billion. These three factors together paint an optimistic picture of increasing confidence in the Ethereum network.

Whales have been in full accumulation mode this past week, showing a deep conviction for Ethereums long-term growth. Addresses with 10 million to 100 million ETH have increased their accumulation. Now, their combined control extends over 64 million tokens. The amount of Ether tokens stored on exchanges has fallen to 7.3 times historic lows. This change further represents a transition from active trading of assets to a long-term buy and hold strategy. Active top Ethereum addresses have ballooned to control 75.6 million ETH. That’s a huge jump from only 10.73 million in February.

Ethereum’s price is breaking new highs, powered by an unprecedented increase of trust in its ecosystem. This boom is propelled by increasing decentralization and a more sophisticated investor class. Clawback of technical analysis, Ethereum chart Technical analysis of Ethereum long term chart uncovered an enormous flagpole pattern Country return height of about 52%.

Should Ethereum manage to break above last year’s high of $4,100, analysts are expecting a target price somewhere around $4,287. Our bullish outlook is rooted in the technical pattern and strength beneath the surface shown by rising accumulation and staking activity.