The Bullish Trend Continues for Ethereum Investors
Bitcoin Halving and Price Surge
Following the successful Bitcoin Halving this Friday, the blockchain reached a milestone of 840,000 blocks, while the halving event itself cut the mining reward to 3.125 Bitcoin per block. Despite predictions of a potential price drop, Bitcoin soared to nearly $66K. Ethereum’s price also rallied, supported by positive on-chain metrics. However, the increasing number of loss-making Ethereum addresses could lead to selling pressure on the altcoin.
Ethereum Investors Turn Bullish
Despite recent price volatility, investors and traders remain bullish on Ethereum’s future. Many are opening long positions, expecting upward price movements. One trader, despite a previous $4.5 million loss, opened another long bet on ETH. While there is a surge in loss-making addresses, the Netflow metric suggests buying demand is strong, reducing immediate selling pressure.
What’s Next For ETH Price?
Ether has climbed to the 20-day EMA, signaling bullish attempts. However, resistance around $3,200 is slowing buying demand. Should the price retreat, it might fall to $3,056, with $2,800 as a crucial support level. Breaking above the 200-day EMA could target $3,700, indicating a potential retest of $4K. Data also shows a rise in velocity, suggesting active trading and liquidity injections, which could drive price increases for ETH.
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