Ethereum (ETH) has experienced notable price movements recently. As of January 21, 2025, ETH is trading at $3,340.28, reflecting a 3.92% increase over the past 7 days. Despite a 2.19% decline in the last 24 hours, the cryptocurrency reached an intraday high of $3,452.70 and a low of $3,151.23
Technical indicators suggest potential for further price appreciation:
MACD (Moving Average Convergence Divergence): The MACD indicates strong upward momentum, signaling a bullish trend.OBV (On-Balance Volume): The OBV confirms this bullish sentiment with increased buying pressure.Bollinger Bands: The bands suggest a potential shift in market sentiment due to decreased volatility and price breaches of both bands.
Additionally, Ethereum whales now hold about 43% of the total ETH supply, a significant rise from 22% in early 2023. Three addresses control 61.09 million ETH, driven by the Ethereum merge and staking interest. TradingView
Furthermore, Ethereum ETPs gained $246 million in inflows last week, reversing previous outflows. However, they still face the lowest performance this year, with a total of $28 million in year-to-date outflows. TradingView
Given these factors, Ethereum's price may continue to rise, potentially reaching new highs in the near future.
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