Ethereum (ETH) has seen recent upward momentum, currently hovering around $2,476 with a 1% gain over the past day. Analysts suggest that ETH could retest the $2,707 resistance level as investors continue to accumulate. Recent on-chain data shows a notable increase in long-term holding, with over 19 million ETH now held in accumulation addresses, up from 11.5 million earlier this year. This trend reflects rising confidence in Ethereum’s long-term value potential.
However, the market remains cautious, with some investors wary of a potential pullback despite recent gains. Historically, the $2,707 level has acted as a significant resistance point. A breakthrough here could push ETH toward the $2,817 mark, a key support level from earlier in the year. As Ethereum approaches this critical threshold, market participants are closely watching price movements for signs of further upside potential.
