As analysts forecast a breakthrough, Ethereum (ETH) holds above key support
With market experts projecting a price range between $4,000 and $8,000 in the next months, Ethereum (ETH) is displaying indications of a possible comeback. Technical patterns, on-chain data, and institutional interest support this perspective even more and suggest the coin could be getting ready for a significant climb.
Ethereum (ETH) Holds Above Key Support as Forecasters Suggest Breakout
Notwithstanding recent market turbulence, Ethereum has maintained a long-term upward trendline. Crypto General claims that the asset is currently in a positive shape as the bitcoin has been respecting this trendline with no plans of falling below it anytime soon.
Important Resistance Levels Perhaps Driving ETH Higher
Currently trading over $2,600, the ETH coin has important resistance zones that can guide its future movement described by experts. For instance, the Crypto General chart shows as crucial price levels $4,104, $4,110, $4,817, and $6,082. Should Ethereum exceed these resistance zones, the price may quicken into the upper range, $6,000 to $8,000.
The fact that the bitcoin broke out from a period of long-term consolidation supports the case for a rise. As long as ETH respects the trendline and maintains important support levels, analysts underline that the market structure is still favorable.
On-Chain Data Reveals Increasing Accumulation by Big Holders
Data on Ethereum's historical concentration indicates that regular investors and whales have increased their holdings. Retail investors possess 45.8%; whales control 43.61% of the ETH token supply as of February. Whale holdings have increased 1.88% over the previous month; retail investors added 0.54% to their own holdings.
At present values, the Global In/Out of the Money indicator shows that 74.64% of ETH bitcoin investors are in profit. Between $2,257 and $2,578, the biggest accumulation zone indicates this range is a solid support region.
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