Ethereum has rallied from a major accumulation zone as exchange reserves continued to decline, confirming ongoing accumulation. The Coinbase Premium Index remains near zero but not yet in positive territory, unlike previous ETH bull cycles observed last October when it was trading between $2,200 and $2,400. The current investor price stands around $1,700, a level that has historically represented major accumulation zones, with positive reactions accompanied by strong spot buying pressure. The swing high made at $2,466 in April is under pressure again, and a breakout past $2,500 would confirm a trend shift, while a rejection below $2,000 would mean the long-term trend has not yet changed.
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