As a researcher with extensive experience in the cryptocurrency market, I find the current situation surrounding Ethereum (ETH) intriguing. The recent surge in Ethereum’s price against the US dollar, which has reached over 32% in the last two weeks, is significant, especially considering the six-year low supply of ETH on centralized exchanges.
The amount of Ethereum (ETH) held on centralized exchanges is once again approaching a six-year low, despite a nearly 33% increase in Ether’s price against the US dollar over the past two weeks, reaching roughly $3,890 on Tuesday. However, recent data from IntoTheBlock indicates that Ethereum has seen a significant influx into these exchanges within the last month, with over 140,000 units transferred in a single day.
In simple terms, large amounts of Ethereum moving into centralized exchanges indicate a significant selling trend, potentially putting downward pressure on prices. Additionally, there’s growing anticipation among investors that the necessary paperwork for trading Ether-backed spot Exchange Traded Funds (ETFs) will be approved soon.
The amount of Ether flowing into exchanges hit the highest point since January!
On Saturdays, a net inflow of $140,660 worth of Ethereum was transferred to exchanges, which represents the largest deposit volume to exchanges in the past 120 days.
High inflows to exchanges are typically a sign of selling behavior, as people either…
— IntoTheBlock (@intotheblock) May 28, 2024
Ethereum Rise Signals Approaching Altseason
Previously reported by CoinSpeaker, Ethereum’s (ETH) recent surge in value during Bitcoin‘s price stabilization has renewed speculation about an upcoming altcoin season. The dominance of Bitcoin has decreased on this uptrend, and market analysts predict a potential decrease in Bitcoin’s value over the next few months.
From my perspective as a researcher studying the cryptocurrency market, the ETH/BTC pair on the weekly time chart is poised for a significant reversal of its downward trend in the upcoming weeks. This anticipated shift may lead an increasing number of crypto investors to move their funds from Bitcoin to lesser-known altcoins in order to capitalize on potential gains.
Some meme coins, such as Pepe (PEPE), Floki Inu (FLOKI), and Turbo (TURBO), exhibit significant price instability. These coins are currently in the process of determining their market value.
It would be ideal if more investors transferred their Ethereum to centralized exchanges to redistribute their recent earnings towards potential new trading opportunities, particularly in meme coins.
Midterm Ethereum (ETH) Price Targets
As a crypto investor, I’ve noticed that Ethereum’s price has flirted with the $4k mark on several occasions without actually breaking through. But despite these teases, the price has yet to sustainably rally beyond this level. However, I’m not alone in my belief that Ethereum’s price against the US dollar is poised for a significant rise in the next two months.
As a researcher studying Ethereum (ETH) price movements, I have identified a key technical level that could potentially influence the altcoin’s future trajectory. Specifically, if buyers are able to push ETH prices persistently above the liquidity zone ranging from $3,946 to $3,987, we may witness a significant rally. This upward trend could carry ETH up to the daily 3.618 Fibonacci Extension level at approximately $4,325.
If the price of Ethereum doesn’t manage to rise above $3,920 in the near future, it is likely that the cryptocurrency will pull back and head towards the level of $3,526. This value corresponds with the 1.618 Fibonacci Extension.
Market Picture
Ethereum boasts over $66 billion in total value secured within its network, along with a thriving web3 ecosystem bolstered by its interoperability features. The recent green light for spot Ether ETFs strengthens the case that Ethereum should be considered a commodity rather than a security asset.
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2024-05-28 16:00