Ethereum (ETH) price is expected to rise, with positive signs showing through investor behavior.
But the question is, how much further can this potential upside rise before it stalls?
Ethereum investors remain optimistic.
If the number of Ethereum holders continues to increase, the Ethereum price is likely to rise on the charts soon. Looking at the change in exchange net positions, we can see that outflows have been dominating the market since the beginning of the month. Over the past three weeks, more than 1.1 million Ethereum worth over $3 billion has been leaked.
Here, outflow does not mean that funds are withdrawn from the market, but rather that ETH is withdrawn from exchange wallets. This is a positive sign because it means one of two things: investors are either buying ether on exchanges or moving their holdings into cold wallets.
The former is likely to be the case, as the market is not completely bearish.
But there's one obstacle to this potential rise: how far can it go. Looking at overall returns, Ethereum's rally appears to be short-lived. This is because more than 90% of the supply is already making a profit, and when it exceeds 95%, the market peak is formed.
A market peak is the highest price level reached by a financial market or asset before a decline or correction begins. This signals a potential reversal of upward momentum and suggests a possible price decline in the future.
Read more: How to invest in Ethereum ETF?
So, as long as Ethereum does not reach that threshold, it could see an uptrend on the charts.
Ethereum price prediction: secure support
Ethereum price is struggling to turn the 50% Fibonacci retracement level into support. At this level, located at $3,582, Ethereum could begin to recover and regain recently lost gains.
The strength shown by investors could push the price above this resistance level and towards $3,700. Ideally, there would be a rise to $3,830, which corresponds to the 61.8% Fibonacci level.
Read more: Ethereum (ETH) price prediction 2024/2025/2030
However, unless $3,582 is secured as support, it will be difficult for the Ethereum price to rise . The expected outcome is a gradual decline to $3,336, which is the 38.2% Fibonacci line. If even this support line is lost, the bullish logic will be completely invalidated.
Trusted
The information contained on the BeInCrypto website is published in good faith and for informational purposes only. Users are solely responsible for any consequences arising from their use of information on the website.
In addition, some contents are AI-translated English versions of BeInCrypto articles.