Ethereum Holds Firm Above $2,000 Despite Robust On-Chain Data
Ethereum’s On-Chain Metrics
Because to its robust on-chain metrics, Ethereum is steady at $2,054. Over $10 billion is traded every day, and the open interest in ETH futures is increasing, indicating increased investor activity.
According to current data, about half a million Ethereum purchases have been made in the last few weeks by institutional investors and whales. Over 1.2 million ETH have been moved from exchanges into private wallets and staking accounts, indicating a supply squeeze that may drive up prices. This indicates that the amount of ETH available on exchanges is decreasing.
Solid Support Levels
The most recent technical analysis indicates that Ethereum is firmly rooted with strong support levels, even though the long-term aim is $12,000. Retail and institutional investors have amassed millions of Ethereum in the accumulation range between $1,871 and $1,981, which is a solid support zone.
Traders are watching for a breakout in the harmonic pattern that Ethereum’s price action has developed. Analysts predict more upside to the next resistance level at $2,200 if Ethereum maintains its hold over $2,000 and breaks above $2,100.
Key Takeaways:
Ethereum is now trading at about $2,054, staying stable above $2,000.
Investor confidence is increased by ongoing whale activity and positive on-chain indicators.
A firm price floor is provided by the crucial support that is built between $1,871 and $1,981.
Investors are urged to exercise caution and keep a close eye on Ethereum’s price fluctuations.
Disclaimer and Risk Warning
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