Ethereum’s price has remained above $4.500. Both on-chain and technical indicators suggest further upward potential.
The following is a summary of the information that you will find on this page.
- Ethereum is trading at $4,466, up 5.5% over the past 7 days and 7% within 30 days.
- On-chain data shows exchange reserves at multi-year lows.
- CryptoQuant sets a target of $6,000 for year-end as the influxes in staking rise.
ETH traded at $4,446 as of the writing date. This is up by 0.7% from the day before. It has gained 7% over the last month and 5.5% in the past seven days. The token is now only 8% away from its August 24 all-time record high.
With daily trading volumes at $31.7 Billion, the market has moderated slightly. That’s a decrease of 2.9% from the previous day. Despite this drop, structural trends show strength.
Data points on chain data point to bullish signals
A Sept. 17, analysis By CryptoQuant Contributor XWIN Research Japan (ETH)ETHInvestors continue to invest in ETH for yield. It shows that investors are confident in the value of ETH over time and reduces the supply.
ETH’s balances in centralized exchanges are at multi-year lows. This is a continuation of a downward trend that started back in 2020. As fewer tokens are available, the supply pressure is lessening. This has traditionally been used as a background for bullish rallies.
Citigroup’s most recent downside year-end forecast is a result of these factors. forecast According to XWIN Research a $4,300 floor may not be a realistic expectation, but rather a minimum. The analysis predicts that staking, tokenization growth, and stablecoin adoption will propel Ethereum toward $6,000–$7,000 by year’s end.
Ethereum technical analysis
This argument is strengthened by the technical evidence. Ethereum remains within the Bollinger Bands upper range, with resistance at $4.680 and support at $4.420. At $4,457 it is comfortably trading above the SMA of 20 days. The relative strength index has reached 55.8 after cooling off from the overbought level. This neutral reading allows further upward movement.
Momentum indicators, though mixed in nature, lean towards the bullish. Short-term oscillators indicate consolidation, while Momentum and the MACD are still in buy territory. The 10-day EMA ($4,508), the 200-day SMA ($2,836) and all moving averages in between are aligned with a strong trend upward, confirming structural support.
The breakout of $4,680 or higher in a bullish situation could be triggered by a retest of $4,900–$5,000, with further strength opening the door to $6,000. If ETH were to fall below $4.420 it would touch the next zone of support between $4.200 and $4.250.
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Source: crypto.news
