Ethereum's price recently fell by 12%, resulting in considerable investor losses. However, investors didn't panic sell; instead, they accumulated more Ethereum. This shift in sentiment reflects growing confidence in the cryptocurrency's potential recovery.
This week, Ethereum's balance on exchanges fell significantly, with 12.5 million ETH moving to private wallets. Investors spent about $815 million during the price dip, indicating optimism about future price increases. This trend suggests bullish sentiment, with reduced supply on exchanges potentially driving prices up.
Looking at IOMAP data, there's a forecasted upward price movement towards resistance at $3,524, with around 12.5 million ETH acquired already. Should Ethereum's price rise, this supply, valued at $40 billion, could be profitable.
If Ethereum surpasses the $3,524 resistance, it could solidify its bullish trend. While some investors might take profits, confidence could counteract selling pressure and enable a strong rally.
Ethereum faces a critical resistance barrier at $3,327. Flipping this level into support is key for targeting the next major resistance at $3,524 and reversing recent bearish trends. Sustaining a position above this price could renew bullish momentum, recovering recent losses.
However, failure to break through $3,327 might result in Ethereum's price declining to $3,028, nullifying recent gains and weakening positive sentiment.
Источник: beincrypto.com ↗