Ethereum (ETH) Price Poised for 2-3x Gains As Per These On-Chain Indicators
As the bitcoin (BTC) price jumped 7% shooting past $45,000 in the wake of Bitcoin ETF approval, altcoins too joined the party. The Ethereum (ETH) price is up once again by 2% in the last 24 hours, moving closer to $2,400.
On-chain indicators for Ethereum continue to show strength, suggesting a much larger rally ahead from here onwards. Predictions are already strong that the ETH price can rally all the way to $10,000 by this year’s end.
Ethereum (ETH) On-Chain Indicators
In a recent market analysis, renowned crypto analyst Ali Martinez expressed a bullish outlook for Ethereum (ETH). Martinez highlighted a promising path ahead for Ethereum, emphasizing the absence of significant supply barriers, which could pave the way for potential gains to $2,700 or beyond.
Additionally, the analysis pointed out a robust demand wall at $2,000, indicating substantial support that may act as a cushion in the event of corrections. The positive forecast aligns with the current market dynamics, reflecting optimism regarding Ethereum’s price trajectory in the near term.
In insights shared by crypto analyst Ali Martinez, the Ethereum MVRV Pricing Bands indicate pivotal price targets for the cryptocurrency. Martinez pointed out that, according to the data, the next significant price targets for Ethereum ($ETH) are identified at $3,830 and $5,100. This analysis provides valuable guidance for investors and market participants, shedding light on potential future price movements in the Ethereum market.
ETH Exchange Supply Falling Sharply
Another positive indicator for Ethereum is the sharp drop in the exchange supply. Data from Santiment reveals that the supply of ETH tokens on exchanges has reached an unprecedented all-time low since the inception of Ether.
As of the latest data, Ethereum’s supply on exchanges represents only 8.04% of the total ETH supply. This marks the lowest level recorded since the cryptocurrency’s genesis. The on-exchange supply of an altcoin like ETH often plays a crucial role in influencing its market price. A decrease in the supply is generally perceived as a bullish indicator, suggesting a potential reduction in selling pressure on ETH.
Ethereum co-founder Vitalik Buterin recently shared a roadmap that seeks to improve the efficiency of the PoS system.
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