Ethereum’s recent price recovery has run into formidable resistance at approximately $4,000, prompting market watchers to predict a bullish trend. While ETH hovers around the $3,900 mark, there is cautious speculation about possible pullbacks. Nevertheless, blockchain analytics reveal underlying strength, suggesting that a positive trajectory may be on the horizon.
What Support Levels Are Critical for Ethereum?
A critical support range identified for Ethereum lies between $3,700 and $3,810. This zone is noteworthy, as nearly 3 million wallets have collectively purchased 4.6 million ETH in this price range.
Are On-Chain Metrics Sending Positive Signals?
Recent on-chain data indicates a surge in healthy metrics for Ethereum, with a remarkable 4.24% rise in active addresses and a 2.65% increase in new address creation. This uptick, alongside significant activity from larger holders, hints at potential price increases.
- Ethereum’s realized market value is poised for growth, aligning with historical patterns.
- The influx of capital into Ethereum ETFs, especially BlackRock’s Ether ETF, underscores investor optimism.
- The ETH/BTC ratio shows signs of substantial upward movement, potentially climbing to 0.39.
Currently, Ethereum is priced at $3,927, marking a 1% increase and maintaining a market capitalization of $473 billion. As liquidations rise to $16 million over the last 24 hours, traders are advised to keep a close eye on market dynamics. The interplay of on-chain metrics and ETF investments offers critical insights into Ethereum’s future performance.
