Ethereum Breaks On-Chain Resistance
An analyst has noted that Ethereum has surpassed a major on-chain resistance zone, indicating a potential rally to new yearly highs. On-chain resistance and support levels are determined by the density of investors who bought at those levels. When the price retests these levels, investors may choose to sell or accumulate more based on their cost basis. Ethereum currently has strong support and no major resistance zones above it, making it primed for a rally towards $2,426.
Positive Exchange Netflows Fuel Bullish Sentiment
Another analyst has highlighted that Ethereum has experienced negative exchange netflows in recent weeks. This indicates that a significant amount of ETH has been leaving centralized exchanges, suggesting increased buying activity. With over $1 billion in net outflows, there is growing speculation that ETH could soon reach new yearly highs.
Ethereum Price Update
As of now, Ethereum is trading around $2,100, showing a 9% increase over the past week.
Hot Take: Ethereum Gears Up for a Strong Bull Run
Ethereum’s breakthrough of on-chain resistance and positive exchange netflows paint a promising picture for its future performance. With no major obstacles in its path and increasing buying activity, ETH is poised for a strong bull run towards new yearly highs. Keep a close eye on Ethereum as it continues to gain momentum in the market.
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