Ethereum price surges with the goal of staying above $1,800 levels in the coming days, which could pave the way for the coin to reach $1,900

New traders are entering the market, while Ethereum whales are also starting to accumulate, sending a bullish signal for the cryptocurrency’s future

The cryptocurrency space has been experiencing extreme volatility over the past few weeks, challenging bullish forces from time to time. While Bitcoin’s dominance continues to grow, Ethereum and other altcoins are struggling to keep up. Unfortunately, most altcoins continue to trade under the bearish influence, while Ethereum manages to show great strength, aiming to reclaim positions above $2,000 in the coming days.

ETH price on the daily chart appears quite strong as it has managed to rebound from the critical support of the 200-day SMA near $1,642. However, the price is yet to climb above the 100-day SMA at $1,783, hence, these levels act as key resistance and support levels that could determine the next move in the Ethereum price rally.

Ethereum Adoption Expands While Whales Accumulate

The recent price drop has attracted many platforms, so active supply has hit new highs. These are unique addresses that have made at least one transaction in a specified time interval. They can also be considered as new addresses created in a day, which indicates the adoption rate of cryptocurrencies.

Since the first week of April, the number of addresses that have made at least one transaction has started to increase and has been reaching new highs. This shows the increasing adoption of the token over the past few months. Moreover, almost at the same time, the aggregation of whales has also been surging.

The above chart shows the supply of the top 1% of addresses, which can also be considered whale addresses because they own nearly 1% of the circulating supply. Since April, regardless of ETH price action, the supply has been increasing and setting new highs every day.

It can therefore also be speculated that a new ETH whale may have entered the ring. This could have a bullish impact on the second-largest cryptocurrency in the long run, which could push prices towards higher targets.