Ethereum
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2,096 experienced a significant 3.5% increase in value over the past 24 hours, testing the $2,000 level once again. Technical indicators and on-chain data are showing signals of long-term bullish potential. Reports indicate that large investors are making purchases while the exchange supply has drastically decreased, prompting the market to closely monitor Ethereum’s stability above the $2,000 threshold.
RSI Signals and Strong Buying Zones Emerge
Technical indicators for Ethereum provide crucial details about price movements. Notable crypto analyst Crypto Patel pointed out that Ethereum’s weekly Relative Strength Index (RSI) has entered the oversold territory, which has historically preceded long-term rallies. Patel suggests that the price range between $2,000 and $1,300 is emerging as an attractive buying zone for long-term investors.
Patel also forecasts that Ethereum could potentially reach $12,000 in the future. The feasibility of this target is closely tied to macroeconomic conditions and market confidence. This long-term forecast enhances investor optimism, while caution against short-term volatility is also advised.
On-Chain Data and Whale Impact
On-chain data indicates that interest in Ethereum extends beyond mere price movements. Daily transaction volume surged by over 60%, reaching $10.89 billion. Meanwhile, there was a notable increase in open positions in futures trading during the same period, suggesting that institutional investors are becoming more actively involved in the Ethereum market.
Crypto analyst Ali Martinez noted that large investors have accumulated 470,000 ETH in recent weeks. Additionally, a total of 1.2 million ETH was withdrawn from exchanges, indicating a decrease in Ethereum supply and a tendency for investors to hold long-term. Martinez highlighted the potential target of 0.0019 in the ETH/BTC pair, based on Adam and Eve formations.
Furthermore, on-chain data points to a strong support line forming between $1,886 and $1,944. Approximately 3 million investors have accumulated a total of 6.12 million ETH within this range, suggesting it could serve as a protective zone against downside risks. Analysts expect Ethereum to maintain its position above these levels in the short term.
