While the Bitcoin price has been consolidating largely post-ETF approval, Ethereum (ETH) has been making strong upside moves, thereby closing the gap with BTC. At press time, the Ethereum price is trading 1.44% up at a price of $2,564 with a market cap of $308 billion.
According to insights provided by on-chain data provider Santiment, Ethereum’s price dominance has experienced a notable surge against Bitcoin, marking a +22.4% increase over the past week. This period has witnessed the creation of 89.4K new Ethereum addresses per day, further underscoring the platform’s growing traction. Notably, a staggering 96.3K wallets were created just yesterday.
In addition to these on-chain activities, Santiment’s data reveals a significant trend in Ethereum’s supply on exchanges, nearing its All-Time Low of 8.05%. This movement toward self-custody and staking implies a reduced risk of an imminent selloff, presenting a more favorable scenario compared to concerns arising from a rising supply on exchanges. These on-chain dynamics shed light on Ethereum’s current market strength and its potential implications for future price movements.
In the recent trading session on Tuesday, Ethereum price initially experienced a slight pullback, testing the crucial $2,500 level. Notably, this level had previously served as significant resistance but now appears to be providing substantial support for the cryptocurrency. The price action suggests Ethereum’s attempt to enter a consolidation phase.
The $2,700 level emerges as a key threshold, representing the upper boundary of the short-term trading range. Analysts consider this level crucial, and a breakthrough could set the stage for a potential market surge, with Fear of Missing Out (FOMO) traders likely to join the rally. Beyond $2,700, the Ethereum price could further rally all the way to $3,400.
Conversely, a downside scenario could unfold if the second-largest crypto by market cap breaks below the hammer formed during the Monday session. In such a case, the cryptocurrency might see a downward movement toward the 20-Day Exponential Moving Average (EMA), situated around the $2,300 level. Traders are closely monitoring these critical levels, anticipating potential shifts in Ethereum’s short-term trajectory.
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