Ethereum price today: $2,520

  • Ethereum on-chain metrics indicate addresses are accumulating again.
  • Ethereum added 3.64 million holders between September and October, 40% higher than in July and August.
  • Ethereum could retest the $2,707 resistance if it bounces off the $2,490 support level.

Ethereum (ETH) is down over 1% on Friday. A key technical support level suggests a bounce off $2,490 amid signs of investor accumulation across on-chain metrics.

Ethereum investors have resumed accumulation

Ethereum exchange-traded funds (ETFs) posted $13 million in net inflows on Thursday despite a market-wide correction, per Coinglass data. The positive flows extended their streak to three consecutive days of net inflows, indicating institutional investors are gradually allocating capital to ETH.

ETH's Mean Coin Age metric also signals a similar trend among on-chain holders. Mean Coin Age shows the average number of days that all ETH tokens stayed in their current addresses. A consistent upward slope indicates rising accumulation, and a downward slope signals increased transfer of ETH between addresses.

ETH's Mean Coin Age has been in an uptrend since August 23 before a slight downturn on October 25, per Santiment data. However, the uptrend has resumed, indicating that addresses are accumulating the number one altcoin again.

ETH Mean Coin Age

ETH Mean Coin Age

On-chain data platform EmberCN's recent spotting of whale activity aligns with Santiment data.

According to EmberCN, a notable whale accumulated 19,772 ETH worth about $49.62 million in the past three days. Since September 17, the whale has withdrawn 54,272 ETH worth about $137 million from Bybit and Binance.

Meanwhile, Ethereum's total number of holders has also picked up pace in the past two months, increasing by 3.64 million to 130.52 million — 40% higher between September and October than in July and August. This shows growing investors' appetite for ETH.

ETH Total Amount of Holders

ETH Total Amount of Holders

Ethereum Price Forecast: ETH could retest $2,707 resistance after bouncing off key support

Ethereum is trading near $2,510 on Friday, down 1.5% on the day. This follows $45 million in liquidations in the past 24 hours, with long and short liquidations accounting for $34.24 million and $10.98 million, respectively.

The top altcoin could bounce off the support near $2,490 and stage a move to retest the resistance near $2,707. A successful move above this resistance will see ETH aim to reclaim the $2,817 level, which served as a key support level for about four months — April to July.

ETH/USDT daily chart

ETH/USDT daily chart

If ETH reclaims the $2,817 level and maintains an extended move above the 50-day and 200-day Simple Moving Averages (SMA), then it could recover the $3,000 psychological level.

The Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators are slightly above their mid-levels, indicating that bullish pressure is modestly dominant.

A daily candlestick close below $2,490 will invalidate the thesis.

Ethereum FAQs

Ethereum is a decentralized open-source blockchain with smart contracts functionality. Its native currency Ether (ETH), is the second-largest cryptocurrency and number one altcoin by market capitalization. The Ethereum network is tailored for building crypto solutions like decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), etc.

Ethereum is a public decentralized blockchain technology, where developers can build and deploy applications that function without the need for a central authority. To make this easier, the network leverages the Solidity programming language and Ethereum virtual machine which helps developers create and launch applications with smart contract functionality.

Smart contracts are publicly verifiable codes that automates agreements between two or more parties. Basically, these codes self-execute encoded actions when predetermined conditions are met.

Staking is a process of earning yield on your idle crypto assets by locking them in a crypto protocol for a specified duration as a means of contributing to its security. Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism on September 15, 2022, in an event christened “The Merge.” The Merge was a key part of Ethereum's roadmap to achieve high-level scalability, decentralization and security while remaining sustainable. Unlike PoW, which requires the use of expensive hardware, PoS reduces the barrier of entry for validators by leveraging the use of crypto tokens as the core foundation of its consensus process.

Gas is the unit for measuring transaction fees that users pay for conducting transactions on Ethereum. During periods of network congestion, gas can be extremely high, causing validators to prioritize transactions based on their fees.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP hints for a pullback ahead

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP hints for a pullback ahead

Bitcoin price action shows a bearish momentum on the RSI indicator, suggesting a decline ahead. Ethereum price faces resistance around the $4,000 level, indicating a pullback ahead. 

More Cryptocurrencies News
Ripple week in review: Can XRP resume rally to hit a new all-time high?

Ripple week in review: Can XRP resume rally to hit a new all-time high?

Ripple's XRP is up 7% on Friday as whales are holding onto their tokens despite high profit-taking among retail traders. This attitude from whales could push XRP to a new all-time high at $3.57.

More Ripple News
SushiSwap DAO proposes strategy to improve liquidity through treasury diversification

SushiSwap DAO proposes strategy to improve liquidity through treasury diversification

The Sushi decentralized autonomous organization (DAO) issued a proposal on Friday that offers a shift from the protocol's initial treasury holding in SUSHI to accommodate other assets.

More SushiSwap News
Ethereum Price Forecast: ETH nears its all-time high, sees record ETF inflows and high preference than Bitcoin

Ethereum Price Forecast: ETH nears its all-time high, sees record ETF inflows and high preference than Bitcoin

Ethereum has become more attractive to investors than Bitcoin since the US elections, noted Bybit. Ethereum ETFs posted their highest single-day net inflows after raking in $428.5 million. Ethereum could soon reach a new all-time high if it surpasses the yearly high resistance of $4,093.

More Ethereum News
Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP