Ethereum price on the verge of a 25% breakout as selling pressure diminishes


  • Ethereum price seems poised for a massive move as it has established a bull flag on the 12-hour chart.
  • Most on-chain metrics have turned in favor of the digital asset.

The interest in Ethereum seems to be stronger than ever as more users continue locking up their ETH coins inside the Eth2 deposit contract. The smart-contracts giant seems to be on the verge of a massive bullish move aiming for $1,000.

Ethereum price aims for $1,000 as bulls remain strong

Ethereum has formed what seems to be a potential bull flag on the 12-hour chart. The past two candlesticks have established long lower wicks which indicates the bulls are buying the dips.

eth price

ETH/USD 12-hour chart

The Eth2 deposit contract holds 2.12 million ETH coins which are worth close to $1.6 billion at current prices. Additionally, the number of whales holding between 10,000 and 100,0000 coins has spiked again by eight in the past 24 hours and has been in an uptrend since October. 

eth price

ETH Holders Distribution chart

On top of that, the number of coins inside exchanges has continued to decline since October and hit a low of 22.6% for the first time since May 2019. These on-chain metrics give credence to the bullish outlook, not only in the short-term but also long-term. 

eth price

ETH supply on exchanges chart

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance ahead, well until $820 and above. On the other hand, there seems to be significant support below in comparison.

eth price

ETH IOMAP chart

However, it’s important to note that the entire cryptocurrency market is heavily volatile and Bitcoin could be on the verge of a massive correction that could drag Ethereum down with it, which is basically the only bearish outlook for now.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Four reasons why XRP price could set new-all time high above $5

XRP price experienced a significant bull run as it rallied roughly 750% since 2021. However, due to the recent correction, Ripple’s year-to-date (YTD) performance is hovering around 268%.

More Ripple News

Shiba Inu price flashes first sign of reversal, eyes 38% upswing

Shiba Inu price dipped below the short-term governing range on June 11 as the crypto market experienced a minor sell-off. However, bulls have managed to push SHIB above the range high, indicating the resurgence of buyers.

More Shiba News

Ethereum might create another opportunity for buyers to kick-start new uptrend

Ethereum price is currently trading below a critical resistance level and is trying to breach past it. A decisive close above the swing high on June 9 will create a higher high and signal the start of an uptrend.

More Ethereum News

Cardano upswing hangs in balance, but on-chain metrics reveal trouble

Cardano price rose 12% after dipping below a crucial support level at $1.451. ADA is currently hovering inside a critical resistance level, ranging from $1.525 to $1.624. Only a decisive close above $1.636 will confirm the start of a run-up.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP