Ethereum Eyes $1,938 Target Amid Growing Accumulation

Ethereum's price has been holding firm above $1,850, according to market analysts, who are closely monitoring whether buyers can sustain momentum toward the 100-day EMA near $1,938.

The cryptocurrency has reclaimed its six-month downtrend and the weekly MACD has flipped bullish, indicating growing strength, said crypto analyst Ted Pillows.

Recent purchases by larger investors, such as Tom Lee's company BitMine, which acquired approximately $14 million worth of Ethereum, are also seen as reinforcing the growing participation of institutional buyers during the current recovery.