If Ethereum successfully breaks through the supply wall of more than $2000, the price may further rise to $2750.Ethereum, the world's second largest Cryptocurrency, has been hovering around US $1850 since it rose last week
If Ethereum successfully breaks through the supply wall of more than $2000, the price may further rise to $2750.
Ethereum, the world's second largest Cryptocurrency, has been hovering around US $1850 since it rose last week. In the past two days, the prices of ETH, Bitcoin, and other counterfeit currencies have remained stable, and investors are paying attention to the next rise.
However, if Ethereum wants to rebound forward, it must first break through the supply wall above $2000. Ali Martinez, a famous Cryptocurrency analyst, quoted data from IntoTheBlock:
The most important supply wall before Ethereum was between $2000 and $2060, with 832640 addresses purchasing over $26 million in ETH. If # ETH can break through this resistance level, we expect it to rise to $2330 or even $2750.
Ethereum non exchange address accumulation
As we can see, the price fluctuation of Ethereum is strong at around $1900, and the battle between bulls and bears is intensifying. On the other hand, the supply of ETH on the exchange has been declining, while non exchange addresses continue to accumulate significantly. On chain data provider Santiment reported that:
Ethereum is volatile today, and # bulls and # bears are competing at about $1900. At the same time, the largest non exchange addresses continue to become wealthier, while top exchange addresses are close to Genesis level. The ETH supply on the exchange has decreased to 9.2%.
Although the price of Ethereum has been falling, according to the technical settings, this may be a good opportunity to buy on the cheap.
On Monday, June 26, Cryptocurrency reporter WuBlockchain reported that "the largest short seller on GMX used 6.6 times leverage to short ETH at the entry price of $1703.97, losing nearly 70%, more than $1.2 million. When the ETH price reached $1945. 18, its short ETH position of about $12 million will face liquidation".
Some big investors have already placed a bet of $12 million, betting that the price of ETH will fall. They believe that if prices fall, there is a chance of profit. However, if the market rises, they may lose money.
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