Ethereum Bulls Push Price Toward $2,000
The price of Ethereum (ETH) surged to $1,950 on Thursday, with bullish momentum propelling it closer to the $2,000 resistance level. The recent surge in ETH’s price has been driven by on-chain analysis of investor activity.
Ethereum Investors Moved 263,520 ETH into Long-Term Storage This Week
ETH’s price broke above the $1,900 resistance on Nov. 9 after a period of consolidation at the start of the month. Data shows that a significant number of ETH holders have moved their coins into long-term storage this week, contributing to the price increase. In the last seven days, 263,520 ETH were shifted from exchange wallets into long-term storage, reducing the availability of coins for trading and impacting prices positively.
Derivatives Traders Invested $1.2 Billion in Ethereum in Past Month
Bullish trading activity among derivatives traders has also contributed to the latest rally in ETH prices. Ethereum futures markets have seen a substantial increase in capital inflows over the past 30 days, with open interest rising from $4.20 billion to $5.42 billion. This influx of fresh capital indicates confidence in the short-term price prospects for Ethereum.
ETH Price Prediction: Road to $3,000?
On-chain indicators such as declining exchange supply and increasing open interest point towards a bullish trend for Ethereum, positioning it well for further gains toward $3,000. However, potential obstacles include resistance at $2,100 and support at $1,700 that could impact the price movement based on holder behavior and exchange supply dynamics.
Hot Take: Ethereum’s Bullish Momentum Continues
As Ethereum continues to attract investors and gain support from long-term holders, its price is poised to surge further if current trends persist. With strong bullish indicators and growing investor confidence, Ethereum’s journey towards $3,000 seems increasingly likely.
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