• Ethereum (ETH) has successfully maintained its position within the $2,380–$2,460 range, with minimal supply resistance looming above.
• A bullish crossover observed on the daily MACD suggests a potential price increase.

Recent insights into Ethereum’s (ETH) In/Out of the Money metric indicate a robust hold above the essential demand zone between $2,380 and $2,460. This zone clearly represents a key accumulation area, where around 2.47 million addresses have acquired 5.87 million ETH.

Furthermore, the lack of significant out-of-the-money positions above the current price of $2,711.75 suggests negligible resistance ahead. As of now, 85.8% of the positions are in the money, signaling strong profitability among holders that may dissuade selling pressure.

Source: Ali/X

This positive situation enhances the prospect of price stability or a continued upward trend. Given the absence of substantial supply hurdles as indicated by the low number of out-of-the-money positions up to the $3,000 price level, ETH appears set for potential appreciation.

The critical nature of these levels increases as ETH approaches this price target, with confidence reinforced by the solid support foundation below its current trading price.

Insights from the Momentum Indicator

The formation of a bullish crossover on Ethereum’s daily MACD chart hints at a possible reversal from the downtrend that began in December.

This movement aligns with the histogram entering positive territory, strengthening the likelihood of an upward movement. At present, Ethereum is demonstrating signs of stabilization and possible recovery, bolstered by the recent favorable shift in the MACD.

Source: TradingView

If Ethereum continues this momentum, it could affirm the optimistic sentiment suggested by the MACD. This would likely drive the price toward higher resistance levels, making recent purchases around the $2,000 mark more lucrative.

The ongoing divergence of the MACD from the Signal line could indicate sustained bullish momentum. Conversely, a downturn below the Signal line could signal a false indication, warning of potential volatility or a retest of lower support levels.

Institutional Influence on Potential Altseason

World Liberty Financial (WLFI), associated with Donald Trump, has staked $5.9 million in ETH on Lido Finance, reflecting strong institutional interest in Ethereum’s staking ecosystem.

At the same time, NYSE’s recent application for Grayscale’s Ethereum ETF to include staking could indicate a major shift, as Bloomberg analyst James Seyffart pointed out on X.

Source: Arkham

These recent developments follow a sharp decline in the market, igniting speculation about a forthcoming altseason. Institutional activity in Ethereum staking may trigger a broader rally among altcoins.

This could enhance liquidity and increase investor confidence in ETH, potentially driving up Ethereum’s price and generating renewed interest in a range of altcoins.