Ether price to $3,000? It might be possible according to on-chain data, exchange balances and ETH’s technical charts.
) technical charts suggest that the asset can reclaim $3,000 if buyers are able to push above the resistance between $1,900 and $2,000.Exchange balances for ETH reached a new low of 12.6%, dropping sharply in the last 30 days, according to Glassnode data. Reduced supply on exchanges is usually a bullish sign, as it means fewer tokens are readily available for selling.
Glassnode’s data shows that nearly 30% of ETH’s supply is locked in smart contracts, including decentralized finance and staking contracts, up from 25.5% at the start of 2023. The ETH/USD pair is currently facing resistance around the horizontal level of $1,906. The pair has recorded higher lows since November 2022, with the $1,900-$2,000 level acting as technical and psychological resistance levels, according to the ascending triangle pattern.of around $3,000. The targets of the bullish ascending channel pattern also coincide around these levels.The ETH/BTC pair is looking to establish support around the 2023 lows of 0.06255 in Bitcoin terms.
There is a chance that the price pulls back toward the bottom of the ascending triangle pattern on the ETH/USD pair to around $1,680.Nevertheless, on-chain movements and market indicators give the upside a higher chance over a short- to medium-term bearish trend.will also play a crucial role in maintaining Ether’s bullish momentum.
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