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.
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
