$ETH is showing signs of a potential rally toward $10,000 as it mirrors the impressive gains seen in 2023. Here are some key points to consider:
1. Current market movement: Ethereum has rebounded from the 61.8% Fibonacci retracement level, a crucial support zone, signaling a healthy correction as it gears up for a potential rise.
2. Price projections: Analysts suggest that if Ethereum continues its upward trajectory, it could reach between $7,000 and $10,000 by early 2025, surpassing its all-time high of $4,891.
3. Whale accumulation: Data shows that large holders of Ethereum are actively accumulating, with the supply held by top addresses reaching 44.1%. This indicates confidence in Ethereum's future growth, while the supply on exchanges is steadily declining.
4. Potential market volatility: The Ethereum Foundation recently sold 100 ETH, part of a larger trend this year where 3,766 ETH have been sold, which could create overhead supply pressure and lead to temporary market volatility.
5. Key support levels: Ethereum has seen a significant rebound from $2,150 to $2,723, but a retracement has brought it back to around $2,600. If it breaks below the 50-day Exponential Moving Average, it could fall to $2,100, a critical support level for potential buyers.
As Ethereum navigates through these developments, the anticipation for a significant price surge remains high. Investors are watching closely to see if the momentum can carry ETH to new heights in the upcoming bull cycle
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