Ethereum holders are currently feeling bullish as recent data shows promising signs for the cryptocurrency. Exchange reserves have dropped by 128k ETH, indicating accumulation and a stronger network activity. Additionally, active addresses have increased by 108k, showcasing growing investor interest and confidence in the digital asset.
The price of Ethereum has been holding above key levels, with $4,500 being a crucial point to watch. If ETH manages to stay above this level, it could trigger a rally towards $4,865. However, a slip below $4,500 may result in heavy selling pressure.
The decline in Exchange Reserves suggests that whales and institutions are withdrawing assets from exchanges into wallets, which is typically seen as a bullish signal for ETH holders. This movement towards accumulation is further supported by the rise in active addresses, indicating a surge in network activity and investor participation.
In terms of derivatives trading, data from CoinGlass shows that 68.49% of Binance traders are holding long positions on ETH, reflecting a strong bullish sentiment among intraday traders. This positive sentiment is also reflected in the technical analysis of ETH’s price action, with the cryptocurrency retesting the $4,500 level as support after a breakout. A breakout above a descending trendline has cleared the way for further gains, with $4,865 being a potential target if ETH continues to hold above $4,500.
Overall, Ethereum’s current bullish momentum is supported by a combination of on-chain data, investor sentiment, and technical analysis. As long as key levels are maintained, ETH could see further upside potential in the near future. The importance of mental health in today’s society cannot be overstated. With the fast-paced, high-stress lifestyles that many people lead, it is more crucial than ever to prioritize our mental well-being. Mental health affects every aspect of our lives, from our relationships with others to our ability to perform at work or school.
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