Ethereum has reached a resistance of $4,000. However, on-chain indicators and external factors point towards further gains.
EthereumETH(the second-largest crypto by capitalization) was traded at $4,008. Despite the positive momentum, the market has been facing a lot of resistance in the last three weeks.
ETH still has some positive catalysts which could drive its price up in the short term. First, Bitcoin’s (BTCThis week, the price of () continued to climb and reached an all-time high. Altcoins such as Ether follow Bitcoin’s price.
Spot Ethereum ETFs Inflows are strong at both, and this trend may persist in the months to come. Grayscale’s and Blackrock’s contributions accounted for the largest share of its cumulative inflows, which totaled over $2.3billion. The fund has seen inflows for the past 17 consecutive days.
The number of Ethereum addresses active has remained at just below 600,000. The total addresses are now over 123 millions, as per IntoTheBlock.
The data shown shows that Ethereum Whales have continued to keep their coins. Ninety-six accounts hold between 100,000 and one million ETH coins, while 966 others have between 10,000 and 100 thousand.
Ether, however, is accumulating below the $4000 metric. The price of 7.2 million coins was slightly lower.
Etherscan data The transaction shows one Ethereum whale moving 16,000 ETH tokens valued at $64,000,000 from Binance into a wallet for custodial purposes. In the last few weeks, more transactions of this nature have occurred.
Ethereum’s Decentralized Exchange is also doing well, as the total value of its locked assets has increased by 36% and now stands at $79 billion. DeFi protocol has more asses that the other ten chains combined.
Ethereum could see a price surge in the near future
Weekly chart shows ETH has had a bullish price trend for the last few weeks. The price of ETH has been stuck at a barrier around $4,000 since March.
It has formed a Triple-Top Pattern, which is a common bearish signal on the market. The pattern formed is slightly higher than the Fibonacci retracement of 23.6%.
Ethereum is still above both the moving averages of 50 and 100 weeks. Also, it is located between the middleline and the first support point of Andrew’s tool.
A break above this triple-top will lead to further gains and possibly even to an all-time-high of $4,877. Above that, you can expect to see gains up to $5,000.
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Source: crypto.news
