Ethereum’s Path to $2,500 is Open
If you’re following Ethereum, it’s important to note that the asset has managed to cross the $2,100 mark. This suggests that there are no major resistance levels until $2,500. This analysis is based on on-chain support and resistance levels provided by IntoTheBlock.
On-Chain Analysis
On-chain analysis looks at how many investors acquired their coins at different price levels. If a large number of investors share the same cost basis, it could lead to a sizeable reaction in the market. The current chart shows large cost basis centers below the current Ethereum levels, indicating strong potential support ranges.
Support and Resistance Switch
Previously, the $2,000 to $2,100 range posed as the last major resistance boundary for Ethereum. Now that the coin has risen above these prices, this range could switch roles and become support instead.
Potential for Pullbacks
Currently, about 75% of Ethereum holders are in profit. However, there are no price ranges with a high density of investors in the upcoming price levels until the $2,500 mark. Historically, profit-taking at these levels can lead to pullbacks.
Ethereum Mega Whales
The recent rally in ETH has occurred without the support of the largest Ethereum whales. Despite this, Ethereum has reclaimed the $2,000 threshold before whales have even started buying ETH.
ETH Price Surge
After a surge of more than 9% in the past 24 hours, Ethereum has arrived at the $2,100 level for the first time since April.
Hot Take: Ethereum’s Bullish Momentum
On-chain data suggests that Ethereum may be on track to reach $2,500 with no major resistance levels until that point. The presence of strong potential support ranges and a surge of over 9% in 24 hours indicate bullish momentum for ETH. While profit-taking at higher levels may lead to pullbacks, it is unlikely to significantly impact Ethereum’s long-term trajectory. Additionally, the recent rally occurred without support from mega whales, signaling independent growth for Ethereum.
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