2024-4-23 22:30 |
Ethereum’s (ETH) price has managed to sustain above the $3,000 line as support for nearly a week before recovering.
Now, with the help of investors’ resilience, the biggest altcoin in the world could further its recovery.
Ethereum Investors Will Not SellAt the time of writing, Ethereum’s price is hovering above the $3,000 mark, showing signs of further recovery. One of the biggest contributors to this potential rally is the investors who have opted to HODL instead of selling.
This is evident in the sudden decline in the active deposits on the network. Active deposits indicate investors’ intention to sell their assets to gain profits or offset losses.
Ethereum Active Deposits. Source: SantimentCurrently, ETH deposits are at a seven-month low, which is a good sign for the altcoin. This means Ethereum would not be vulnerable to corrections due to selling, giving it room to recover the recent losses.
Read More: Ethereum ETF Explained: What It Is and How It Works
This sentiment is also observed in the shift of supply from short-term investors to mid-term investors. The addresses holding their assets for one to three months have observed an increase of 638,000 ETH worth more than $2 billion.
The increase in their supply hints that the short-term investors who hold their assets for less than a month and are prone to selling are finding the potential of profits in the asset and are, hence, holding their supply for now.
Ethereum Supply Distribution. Source: GlassnodeThis bullishness would aid the altcoin to rally to $3,500.
ETH Price Prediction: The Crucial FibonacciEthereum’s price is trading at $3,202 when writing, inching closer to $3,376. This price is in confluence with the 50% Fibonacci Retracement of $4,575 to $2,743. Supported by the investors, should ETH breach the 50% Fib resistance, it would be open to continuing this rally.
As a result, Ethereum’s price would end up testing the $3,582 resistance, propelling ETH above $3,500, which acts as psychological resistance and support.
ETH/USDT 1-day chart. Source: TradingViewRead More: Ethereum (ETH) Price Prediction 2024/2025/2030
However, if the 50% Fib barrier is not broken and the altcoin falls back down, failing to breach it, it would likely fall to $3,093. Losing this support would invalidate the bullish outlook, sending Ethereum’s price below $3,000.
The post Here’s How Ethereum (ETH) Holders Could Push Price to a 12% Rally appeared first on BeInCrypto.
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