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Data Scientist: Staking Will Make ETH Functional Store Of Value

The ETH macro technical structure signals another price rally for the cryptocurrency to the $750 region if it all plays out. In the latest Ethereum news, we will read more about the price analysis. The weakness of the altcoin in recent times may not last too long as one ETH macro technical structure suggests that it could be poised for another rally. This idea comes as the data shows that investors on the crypto exchange platform BitFinex could have been accumulating ETH over the past few months. Ethereum’s immense weakness that was seen over the past several weeks was rooted in the severe underperformance of Bitcoin. The benchmark cryptocurrency is now trading around the multi-month high as ETH declined dramatically from the highs of over $230. The cryptocurrency was able to gain some ground against Bitcoin over the past few days and the analyst are now seeing a technical structure seems to suggest that it could be poised for an immense near-term upside. Ethereum is trading up by 3% at the time of writing at a current price of $212. This marks a climb from the recent lows of $180 that were set last week.

ETH price chart
Chart By Josh Olszewicz
The second-largest cryptocurrency by market cap was gaining around Bitcoin in recent times but this has still failed to match the upwards movement seen by BTC over the past few months. If Ethereum aims another kick off for a macro uptrend, it is imperative that it will climb back above $235 as this is the yearly high that was set a few weeks ago. One analyst believes that Ethereum could soon find itself that was caught in an intense uptrend allows it to set up a multi-year high. Josh Olszewicz spoke about another possibility in a recent tweet while still referencing the weekly charts. He explained that another break in the current Ichimoku Cloud resistance could lead the coin to surge all the way up to $750 in the upcoming few months:

 “1W ETH: e2e –> 750 triggers within the next few months probably.’’

eth chart ceteris paribus
Image by Ceteris Paribus
This could fuel this potentially parabolic rise, another analyst is pointing to the data that could reveal the investors were accumulating Ethereum over 2020. The analyst spoke about the data in another tweet which pointed to another chart showing that ETH wallet balances on Bitfinex were growing dramatically over the year:

 “At the beginning of the year, Bitfinex wallet balances had $1.6B $BTC and $0.3B ETH. Today, it holds roughly $0.8B of both. YTD Flows: BTC: -136K; -$0.8B. ETH: +1.5M; +$0.5B.”

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