Ethereum (ETH) presently attempts to stay above the crucial technical and psychological support of $3,000.

This will more than likely be possible only when the ETH holders opt to pull away from selling and HODL, which happens to be the case.

Ethereum’s price trading at $3,177 is hovering above the $3,000 support floor, with ETH holders now exhibiting more bullishness than before. Signs of this resilience are visible in the supply shift and behavior change.

The deposits observed on-chain have noted a drawdown of 27% in the past week, which is a positive signal.

Active Deposits highlight the unique addresses that are moving their supply from their wallets to exchanges. This decline has brought potential selling down to an eight-month low, with the last such low instance noted in September 2023.

Furthermore, the HODLing of ETH has also grown, with the supply moving from short-term to mid-term holders. HODL waves show that wallets holding ETH for one month to a year have noted a 2.3% increase in their supply over the past month.

Moreover, addresses holding ETH for a period of one week to a month have witnessed outflows amounting to 2.2% of the circulating ETH supply. This is evidence that the ETH has moved from potential sellers to HODLers, who tend to avoid immediate dumping.

This decline in short-term holders’ dominance proves that investors’ conviction is noting a considerable increase.

Read More: Ethereum ETF Explained: What It Is and How It Works

Ethereum’s price is hovering above the key support level of $3,000, coinciding with the 23.6% Fibonacci Retracement. The 23.6% Fib level is known to be the critical support level, and losing it diminishes the potential for recovery. Thus, keeping above $3,000 is crucial for ETH, and it is the probable outcome given the support of its investors.

If the bullishness sustains, Ethereum’s price could breach the 38.2% Fib level. Securing this support would enable ETH to attempt to breach the resistance block between $3,582 and $3,829.

Read More: Ethereum (ETH) Price Prediction 2024 / 2025 / 2030

However, if the support of $3,000 is lost, ETH will most likely witness a correction to 2,539. This decline would invalidate the bullish thesis and extend investors’ losses.

The post Ethereum Investors Are Holding as ETH Surges Past $3,000 appeared first on BeInCrypto.

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