Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Ethereum (ETH) Price Increase Stagnates as Holders Accumulate

Ethereum (ETH) Price Increase Stagnates as Holders Accumulate

BeInCryptoBeInCrypto2024/06/17 13:59
By:BeInCrypto

Ethereum (ETH) price rise is on the cards, given the investors are exhibiting positive signs through their actions.

The question, however, is how far this potential rise can go before it comes to a halt.

Ethereum Investors Remain Optimistic

Ethereum’s price may have a shot at climbing the charts soon as ETH holders continue to accumulate. The exchange net position change shows that outflows have dominated the market since the beginning of the month. In the past three weeks, over 1.1 million ETH worth over $3 billion have been moved out.

Outflows here do not point to money leaving the market but rather ETH leaving exchange wallets. This is a positive sign as it means one of two things: investors are buying ETH off exchanges or moving their holdings to cold wallets.

Since the market is not entirely bearish, it is likely the former case.

However, there is one hiccup in this potential rise, and that is how far it could go. Looking at the overall profit ratio, it appears that any rally that ETH notes will be short-lived. This is because over 90% of the supply is already in profit, and crossing 95% will establish a market top.

A market top refers to the peak price level reached by a financial market or asset before a decline or correction begins. It indicates a potential reversal in bullish momentum and suggests a potential downturn in prices ahead.

Read More: How to Invest in Ethereum ETFs?

Thus, as long as ETH does not hit that threshold , it could chart gains.

ETH Price Prediction: Securing Support

Ethereum’s price is struggling to flip the 50% Fibonacci Retracement level into a support floor. Marked at $3,582, this level would enable ETH to initiate recovery and reclaim the profits it recently lost.

The bullishness exhibited by the investors could push the price beyond this resistance and towards $3,700. Ideally, this would enable a run up to $3,830, which is equivalent to the 61.8% Fib level.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

However, failure to secure $3,582 as support would make it difficult for Ethereum’s price to note any rise . The likely outcome will be a gradual decline to 38.2% Fib line at $3,336. Losing this support as well would invalidate the bullish thesis completely.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Cobie: Long-term trading

Crypto Twitter doesn't want to hear "get rich in ten years" stories. But that might actually be the only truly viable way.

Chaincatcher2025/11/29 19:18
Cobie: Long-term trading

The central bank sets a major tone on stablecoins for the first time—where will the market go from here?

This statement will not directly affect the Hong Kong stablecoin market, but it will have an indirect impact, as mainland institutions will enter the Hong Kong stablecoin market more cautiously and low-key.

Chaincatcher2025/11/29 19:17
The central bank sets a major tone on stablecoins for the first time—where will the market go from here?

Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire

A few days before his death, Munger asked his family to leave the hospital room so he could make one last call to Buffett. The two legendary partners then bid their final farewell.

ForesightNews2025/11/29 18:52
Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire

Stacks Nakamoto Upgrade

STX has never missed out on market speculation surrounding the BTC ecosystem, but previous hype was more like "castles in the air" without a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.

雨中狂睡2025/11/29 17:51
Stacks Nakamoto Upgrade