Ethereum (ETH), standing as the second-largest cryptocurrency, is currently showing promising potential for a price hike up to the $2,200 mark. This possible surge is captured amid mixed market signals; it has recently formed a bearish price action pattern on its daily charts. However, investors and long-term holders are seizing this opportunity, aggressively accumulating tokens as indicated by on-chain analytics.
This accumulation reflects a widespread investor confidence in Ethereum's future, despite the immediate bearish trends. Such strategic moves may propel the cryptocurrency into achieving the anticipated price level, further cementing its position in the market.