ETH Price Resilience Boosts Recovery Hopes
Ethereum (ETH) price remains strong, staying above $3,000 for several days, providing hope for a potential recovery and a push towards new highs.
Eager Ethereum Investors
ETH experienced significant losses recently but managed to hold above $3,000, causing investors to anticipate further price increases.
- Approximately 9.14 million ETH, valued at over $27.4 billion, were purchased at prices between $3,537 and $3,118, representing a substantial portion of the circulating supply.
With a large amount of supply currently in a small price range, ETH holders are determined to capitalize on this situation.
Read More: Ethereum ETF Explained: What It Is and How It Works
The Net Unrealized Profit/Loss (NUPL) indicator indicates whether investors stand to make a profit or loss at the market price if they were to sell their holdings.
Currently, ETH is in the Optimism zone, a historical trigger zone for price rallies.
Despite recent corrections, Ethereum’s placement in the Optimism zone suggests the potential for another price rally.
Predicting ETH Price Movement
Ethereum is battling to maintain $3,000 as a support level, with strong investor bullishness indicating a potential bounce back in price.
- A projected 20% rally could propel ETH above $3,500 if it can break and hold the key resistance at $3,376.
Read More: Ethereum (ETH) Price Prediction 2024/2025/2030
In contrast, a drop to the critical support level of $2,736 would invalidate the bullish scenario, leading to further price declines.
The post Ethereum (ETH) Eyes $3,500 Target as Prices Rally Towards Trigger Zone appeared first on BeInCrypto.
Hot Take: Ethereum Price Outlook
ETH’s resilience above $3,000 is encouraging investors, sparking hopes for a potential rally towards $3,500. The current positioning of ETH in the Optimism zone suggests a possible price rally, despite recent corrections.
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