Ethereum (ETH) Price Targets $2,500 As Exchange Outflows Hit $1

Ethereum (ETH) price climbs above $20,90 backed by increased risk appetite among 200 largest whales who now hold over 50% of ETH’s available supply.

Ethereum price has been bullish since the pullback to $1,900 earlier this week which had been triggered by the saga surrounding the ouster of the founder and the CEO of Binance, Changpeng Zhao. Most cryptos rolled back as investors reacted to the developments at the largest crypto exchange by volume.

Ethereum Price At A Crossroads
The four-hour chart shines a light on the current technical situation, where Ethereum price is facing resistance from a likely double-top pattern. Therefore, higher support, as established from the fundamental aspect of the market, is paramount for the continuation of the uptrend to $2,500.

If Ethereum price bows to selling pressure due to the double-top pattern a swing low could follow to sweep liquidity possibly as far as $1,900 ahead of the next breakout.

However, the Relative Strength Index (RSI) reveals that buyers have the upper hand. With a strength of 66 and still trending north, a return to the overbought region is plausible and could invalidate the bearish theory for a quick rebound above $2,500.