Ether Maintains Strong Position Over $1,770: Could Bulls Propel Price to $2,030?
ETH on the Cusp: Breakout or Standstill?
ShareShareTweetTweet
ETH, at present, is cruising above the $1,770 support zone, a favorable area that accommodates over 4.56 million addresses, as per IntoTheBlock. At the moment, Ethereum trades at $1,829.19, experiencing a minimal increase of 0.09% in the past 24 hours.
Both sentiment readings, stemming from Market Prophit data, remain positive, with a crowd sentiment of 0.71 and smart money sentiment at 0.18. This optimistic outlook, combined with strong historical buying interest at $1,770, hints at a potential ETH breakout if momentum remains steady and external pressures subside.
Ethereum: A Blooming Network
Ethereum's network vitality reflects a resurgence in on-chain engagement. The surge in new addresses amounts to a 79.09% increase in the past seven days, while active addresses have grown by 11.41%. Additionally, zero balance addresses skyrocketed by 105.49%, possibly indicating user experimentation, account purges, or lost keys. These figures hint at persistent adoption and expansion, even during recent price fluctuations.
As a result, the upsurge in address metrics may function as a precursor to future demand, underscoring the view that Ethereum's broader ecosystem remains robust and growing beneath the surface.
Source: IntoTheBlock
Mounting Liquidity: Exchanges Hold More ETH
Ethereum exchange reserves have shown a modest increase, reaching $36.07 billion - a 1.16% rise. Generally, higher reserves indicate more ETH is being kept on centralized exchanges, potentially suggesting potential sell-side stress.
However, this growth may also signify traders preparing for volatility or adjusting positions ahead of anticipated market shifts.
Presently, Ethereum is trading around $1,830, positioning itself between key leverage clusters. The Binance liquidation map reveals substantial short liquidations below $1,800 and significant long exposures at $1,850, especially in 50x and 100x leverage zones.
This configuration establishes a spring mechanism, where a rapid move could trigger cascading liquidations. Should ETH surge past $1,850, short liquidations might intensify momentum. Conversely, if the price declines, long unwinds might amplify losses.
The market stands at a critical crossroad, and upcoming moves may dictate Ethereum's next significant price shift.
Source: Coinglass
The Bet is Bullish, But Volatility Risks Loom
Data from Binance reveals that 64.67% of traders are currently long on ETH, giving the long/short ratio a value of 1.83. This prolonged bullish bias underscores traders' confidence, but it also escalates the threat of a shakeout if price action diverges from expectations.
In such congested trades, any sudden pullback below critical support could trigger a long squeeze. However, at present, the bias resonates with other bullish indicators, suggesting that most traders anticipate continuation rather than reversal.
Source: Coinglass
Ethereum Readies for a Run: Can it CleAR the $1,867 Hurdle?
Ethereum's price structure remains trapped within a narrow range, sandwiched between the $1,770 support and the $1,867 resistance. The $1,867 level has acted as a barrier in past attempts to rally. An unblemished breakthrough above it could open the path to the 1.618 Fib extension target at $2,030.
Nonetheless, caution is warranted, as the stochastic RSI hangs around 96, pointing to overbought conditions. Yet, the broader structure of higher lows and horizontal resistance sets the stage for an explosive breakout setup that traders keep an eye on closely.
Source: TradingView
To sum up, Ethereum's fundamentals and sentiment remain aligned with a bullish outlook. The unwavering support at $1,770 fortifies the bulls, particularly given the rise in network activity and a strong long/short ratio.
However, the $1,867 barrier poses a significant challenge that must be surmounted to affirm the next leap upward. If bulls manage to breach this level with volume, Ethereum could catapult toward the $2,030 target and ignite a broader momentum change in the market.
Poll: Chance to Win $500 USDT BONK slips 8% in 24 hours: Will this price level impede further drops? #### Share
ShareShareTweetTweet
- The current Ethereum price, at $1,829.19, suggests a minimal increase of 0.09% in the past 24 hours, with a potential breakout if momentum remains steady and external pressures subside.
- Ethereum's network vitality indicates a resurgence in on-chain engagement, with a surge in new addresses, active addresses, and zero balance addresses, though these figures may also suggest user experimentation, account purges, or lost keys.
- Ethereum exchange reserves have increased, reaching $36.07 billion, potentially indicating potential sell-side stress or traders preparing for volatility.
- The Binance liquidation map reveals substantial short liquidations below $1,800 and significant long exposures at $1,850, creating a spring mechanism that may amplify losses if ETH declines.
- Data from Binance suggests a prolonged bullish bias among traders, with 64.67% currently long on ETH, but this also escalates the threat of a shakeout if price action diverges from expectations.
- Ethereum's price structure remains trapped within a narrow range, sandwiched between the $1,770 support and the $1,867 resistance, with an unblemished breakthrough above the $1,867 level necessary for a potential move towards the $2,030 target.
- The $1,867 barrier poses a significant challenge that must be surmounted for Ethereum to affirm its next leap upward, and if bulls manage to breach this level with volume, Ethereum could catapult toward the $2,030 target and ignite a broader momentum change in the market.
