Ethereum News Today: Ethereum Outperforms Bitcoin as Whales Accumulate 108,118 ETH

Whales and institutions have been actively purchasing Ethereum (ETH), indicating a growing interest in the cryptocurrency. The ETH/BTC 1-month price chart suggests that ETH is on the verge of a significant breakout, which could lead to an explosive surge in its value. This trend is part of a broader pattern where altcoins are expected to experience rapid growth, potentially leading to a bullish altseason.

The recent price movements of Bitcoin (BTC) and Ethereum (ETH) provide further insights into this trend. BTC recently reached a new all-time high (ATH) in the $123,000 price range, but it has since fallen back to around $117,000. In contrast, ETH has broken past the $3,100 mark and is trading at a higher price, indicating that ETH is outperforming BTC in the current bull cycle. This pattern is consistent with previous bull cycles, where ETH began to outperform BTC before the start of the altseason peak season in 2017 and 2021.

The heavy accumulation of ETH by whales and institutions is another bullish sign. Since the first quarter dip, ETH whales and institutions, including BlackRock, have been consistently accumulating ETH at various price points. This accumulation suggests that ETH's price is likely to reach much higher levels in the coming weeks. Recent transactions highlight this trend, with significant ETH purchases made by whales from platforms like FalconX and Kraken. For instance, one whale bought 27,806 ETH worth $85.57 million from FalconX, and another accumulated 80,312 ETH worth $252 million from Kraken.

The ETH/BTC 1-month price chart further supports the bullish outlook. The level that triggered the 2021 altseason is being tested again, and this time, the setup appears even stronger. Key indicators such as the Stoch RSI showing a bullish cross and the RSI breaking above the long-term moving average suggest that the price is pressing into monthly resistance. If this resistance is broken, it could lead to an exponential surge in the value of all altcoins, including ETH.