The buying frenzy of Ethereum has helped the second largest cryptocurrency cross two major price levels, indicating that it may bring more profits in the future.ETH continues its upward trend, breaking through the $1800 price level
The buying frenzy of Ethereum has helped the second largest cryptocurrency cross two major price levels, indicating that it may bring more profits in the future.
ETH continues its upward trend, breaking through the $1800 price level.
Exchange supply continues to decline, highlighting strong purchasing pressure.
Ethereum (ETH) has closely followed the pace of Bitcoin (BTC) and has also achieved remarkable growth in the past week. The bullish rebound of ETH from the support level of $1550 has expanded the increase to 20%, and the price is now above the key $1800 price level.
This performance exceeded my original forecast of $1700 based on ETH whale overweight. As the price barrier of $1800 drops to a supportive level, bulls may seek to hit another price milestone - $1900.
ETH bulls overwhelm sellers under multiple price barriers
After the bulls rebounded from the support level of $1550 and successfully broke through the resistance level of $1619, we saw key bullish price barriers of $1680 and $1745. However, the bulls broke through these two price barriers with a strong bullish candle in just 12 hours, demonstrating extremely high buying pressure. This resulted in a relative strength index (RSI) of 74, presenting a strong bull market signal.
Meanwhile, the increase in balanced trading volume (OBV) further confirms this trend, accelerating the process of breaking through the bearish price range of $1800. Despite a certain degree of correction on October 24th, bulls successfully flipped this level to a new support level, and in the past 12 hours, the closing price of candles has remained steadily above this level.
In this situation, the bulls are targeting a higher price level of $1900 for the long term. If the bullish trend of Bitcoin (BTC) can continue to exceed $35000, then this goal is even expected to be achieved ahead of schedule.
Overall, like a brave surfer, bulls are riding strong buying pressure and bull market signals, constantly breaking through key price barriers and moving towards their long-term goals.
Exchange supply decreases, long-term holders profit
The 90 day market value to realized value (MVRV) ratio shows that long-term ETH holders (over 3 months) hold 9.2% of unrealized profits at current prices. This data is expected to motivate investors to continue holding positions, as they understand the possibility of obtaining more profits.
In addition, the supply of ETH on the exchange continues to decline, indicating that selling pressure is gradually weakening. For bullish investors, this may become an additional advantage in driving the ETH price up to $1900.
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