Ethereum’s Exchange Supply Ratio has experienced a significant drop, indicating a shift in market dynamics. This decrease suggests that more ETH is being withdrawn from exchanges, potentially moving to cold storage or DeFi platforms. As a result, there is reduced sell-side pressure, leading to a scarcity of ETH available for immediate sale.
Currently, Ethereum is trading at $1,813.73, showing a 1.06% increase over the last 24 hours. With the dwindling supply on exchanges, the market is primed for potential price growth in the near future. The limited availability of coins for trading could drive the price higher as demand outstrips supply.
The network activity of Ethereum is also showing positive signs. The number of New Addresses has surged by 32.24% in the past seven days, indicating a growing interest among investors. Additionally, Active Addresses have risen by 6.96%, showcasing strong participation from current holders. The increase in Zero Balance Addresses by 120.50% reflects high retail sentiment towards Ethereum.
On the other hand, analysis of recent short liquidations revealed a total of $2.15 million liquidated, with a significant portion coming from Binance. If Ethereum breaks above the $1,900 mark, it could trigger a short squeeze, adding momentum to a potential price surge.
Furthermore, Ethereum has witnessed significant Outflows from Exchanges, with -4,211 ETH flowing out at the time of writing. This trend indicates growing confidence among holders who prefer to keep their ETH off trading platforms. With a thinning exchange supply, the setup favors further bullish continuation.
The positive Funding Rate of 0.00543% signals a bullish market sentiment, with more long positions outnumbering short positions. This optimism aligns with Ethereum’s potential for upward price movement, suggesting that the asset may continue its ascent.
Ethereum is currently forming a head and shoulders pattern, with key support at $1,758 and resistance at $1,836–$1,850. A breakout above this resistance level could propel the price towards $2,000, marking an 8.9% potential gain. The increasing volume trend supports the likelihood of a breakout, with the head and shoulders pattern indicating a bullish continuation if the neckline is breached.
In conclusion, Ethereum’s Exchange Supply Ratio decline, robust network activity, and liquidity pool formations point towards a bullish outlook. The combination of the head and shoulders pattern, increasing short liquidations, positive Funding Rate, and reduced sell-side pressure positions ETH for continued upward momentum, potentially reaching higher price targets in the near future. As the world continues to grapple with the ongoing coronavirus pandemic, it has become increasingly evident that the way we live, work, and interact with one another has been drastically altered. From the implementation of social distancing measures to the widespread adoption of remote work arrangements, the pandemic has forced individuals and businesses to adapt to a new way of life.
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