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Ethereum price is holding strongly above the $1,170 support level and looks bullish. Moreover, crypto analysts and on-chain data experts also consider that buying Ethereum near $1,170 would be a good price to buy for the long term. A Santa Claus rally can push the ETH price above $1,300, but traders contemplate whether a rally will happen or not as the year was not good for the crypto market.
Investors Remain Positive on Ethereum Price Rally
Ethereum (ETH) price is currently trading above $1,200, as per CoinMarketCap. Since November, the ETH price is bouncing off the $1,170 level, trying to rally over $1.3K. The most important thing to note here is that the ETH price is in upward momentum since November and holds above $1,200 mostly.
According to on-chain data, Ethereum reserves of crypto exchanges fell sharply since September this year. The Ethereum Exchange Reserve for All Exchanges metric indicates the ETH reserves on centralized exchanges have declined by more than 30%.
Thus, it indicates that investors are accumulating and are more bullish on Ethereum. The investors have withdrawn large amounts from centralized exchanges and are likely to hold ETH for the long-term.
Also Read: Ethereum Price Analysis: ETH Sees 12% Jump To Revisit $1375 Mark
Crypto analyst Michael van de Poppe also suggested to investors that $1,190 would be a good level for longs on Ethereum. However, despite the positive signs from the markets, indices as well as the U.S. Dollar Index (DXY) show weakness. A fall in DXY below 104 or whale accumulation could confirm a massive rally.
Crypto analyst Rekt Capital suggests that investors can buy Ethereum near $1,170 for the long term. Bitcoin price holding above $17,150 will be key for confirmation of an upcoming rally.
Also Read: Analyst Predicts Bitcoin (BTC), ETH, ADA, LINK Price For New Year 2023
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